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Capital Gains Tax

Death and Small Business CGT Concessions

Death and Small Business CGT Concessions

They say that two things in life are inevitable – death and taxes. This doesn’t mean that the two have to happen at the same time. Generally where there is a change of ownership in small business, a CGT event is deemed to have occurred which may result in a capital loss or taxable gain. When a person dies, their assets are transferred to their legal personal representative (LPR) or are acquired by a surviving joint tenant, if one exists, and as such the Capital Gains Tax rules apply.

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( Posted in: Tax )

The Small Business CGT Exemption After Death

The Small Business CGT Exemption After Death

Fortunately for your spouse or children, the assets will still be eligible for the 15 year exemption to the same extent that the deceased would have been just prior to their death.

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( Posted in: Living Estate Planning )

CGT and the family home

CGT and the family home

Expats and foreign residents beware! The family home of foreign residents and expats may be taxed if legislation before Parliament is passed by the Senate.

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( Posted in: Lending & Finance )

Main Residence Exemption The Burden of Truth

Main Residence Exemption  The Burden of Truth

I would expect that the majority of property owners and investors have heard something about the “six year main residence exemption for Capital Gains Tax purposes”. If not, here is a brief rundown:

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( Posted in: Investment Property )

Death and small business CGT concessions

Death and small business CGT concessions

When a person dies, their assets are transferred to their legal personal representative (LPR) or are acquired by a surviving joint tenant, where the deceased owned those assets as joint tenants with another person. As there is a change of ownership a capital gains tax (CGT) event arises. 

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( Posted in: Living Estate Planning )

Property Inheritance CGT & Property Sales

Property Inheritance  CGT & Property Sales

In my previous article I mentioned that if you inherit a dwelling and later sell or otherwise dispose of it, you may be exempt from capital gains tax (CGT), depending on when the deceased acquired the property, when they died and whether the property has been used to produce income (such as rent).

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( Posted in: Living Estate Planning )

Property Inheritance CGT Implications

Property Inheritance  CGT Implications

Since the introduction of capital gains tax in September 1985 if you inherit a dwelling or other property and later sell or otherwise dispose of it, capital gains tax may apply to either the deceased estate or yourself as beneficiary.

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( Posted in: Living Estate Planning )

Have you made a capital gain this financial year?

Have you made a capital gain this financial year?

If you find yourself with a capital gain this year because you sold an investment property or some shares, it is time to take stock of your other investments and determine if now might be the right time to realise a capital loss.

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( Posted in: Tax )