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CGT – Property Development

CGT – Property Development

CGT - Property Development The revenue/capital distinction It is very important to determine whether the property is being sold on revenue or capital account as it determines whether: any gain is exempt because it is a disposal of a pre-CGT assetthe 50% discount and...

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CGT Earnout Arrangements

CGT Earnout Arrangements

CGT Earnout Arrangements Capital Gains Tax (CGT) Earnout arrangements are generally where a business is sold for a set amount plus a percentage of profits in the future for a specified period.  The tax treatment of these rights to income in the future has varied over...

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Allocating value to business assets

Allocating value to business assets

Allocating value to business assets When selling/buying the assets of a business, for CGT and depreciation purposes it is necessary to allocate the consideration received/paid for each of the assets.  Due to the differing taxation implications for both, the purchaser...

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CGT Main Residence Exemption

CGT Main Residence Exemption

CGT Main Residence Exemption The capital gains tax (CGT) provisions in the Income Tax Assessment Act 1997 (ITAA 1997) do not apply to the disposal of the main residence where certain conditions are met. Generally, this means that where an individual sells the main...

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Capital Gains Tax CGT

Capital Gains Tax CGT

Capital Gains Tax CGT The Capital Gains Tax (CGT) provisions were introduced with effect from 20 September 1985.  They generally apply to include net capital gains in assessable income for the income year.  Net capital losses are carried forward. The CGT...

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Small Business CGT Concessions

Small Business CGT Concessions

Small Business CGT Concessions This article is a brief overview of the small business capital gains tax (CGT) concessions. The small business CGT concessions can significantly reduce and sometimes totally eliminate tax payable on the sale of a small business. The...

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