CGT Rollover relief for changes to entity structure On 8 March 2016, the Tax Laws Amendment (Small Business Restructure Rollover) Act 2016 received royal assent. This roll-over was announced in the 2015-16 budget as part of the Growing Jobs and Small Business package. Broadly, this Act : provides greater flexibility for small business owners to […]
Taxpayer misses out on small business CGT concession
Taxpayer misses out on small business CGT concession A taxpayer’s claim that a related trust was entitled to the small business 15-year exemption* was rejected because a loan from his trust had to be included in the net value of his CGT assets. Note:- To be able to satisfy the “maximum net asset value test”, […]
Employee share scheme changes
Employee share scheme changes The ATO has announced via an article on its website that, from 1 July 2015, there are new rules for the tax treatment of employee share schemes, including tax concessions for start-up companies. The employee share scheme changes allow employees to now own up to 10% of shares in their employer […]
Telstra 2014 share buy-back
Telstra 2014 share buy-back Clients who participated in the October 2014 Telstra off-market share buy-back will need to take that into account when lodging their 2014/15 income tax return. Taxpayers received a payment of $4.60 per share that they sold, which consisted of: a fully franked dividend of $2.27 per share; and a capital component […]
CGT: Keep the right records
CGT: Keep the right records The ATO has reminded taxpayers that they should keep all records of purchases or acquisitions of assets that may be subject to CGT, and records relating to their sale or disposal. Records should show: the nature of the act, transaction, event or circumstance; how it resulted in a capital gain […]
Be careful about property arrangements with family
The AAT has held that a taxpayer who was a joint tenant of a townhouse with his son (who lived there) did not hold his interest in the property on trust for his son, and so he was liable for CGT on disposal of his share of the property. Facts In April 2002, the taxpayer […]
