Cryptocurrency an ‘enabler of risks’, says ATO

The Australian Taxation Office has started collecting data from cryptocurrency service providers as part of a data matching program to ensure people trading in cryptocurrency are paying the right amount of tax. Service providers are required to give the ATO…

Labor sets deadline for negative gearing, CGT changes

Shadow Treasurer Chris Bowen announced on Friday that if Labor wins the Federal election, it will put its planned changes to negative gearing and capital gains tax into effect from 1 January next year. Negative gearing benefits will be retained…

Selling an inherited property? Here are the tax rules

People who want to delay the sale of a dwelling they receive as a beneficiary of a deceased estate, so they can renovate or wait for the property market to pick up, will not get much sympathy from the Australian…

Granny flat tax arrangements under review

The Government has asked to Board of Taxation to review the tax treatment of granny flat arrangements and recommend any changes that would encourage families to enter formal family agreements and not ad hoc, unenforceable agreements that often put elderly…

Selling an inherited property? Here are the tax rules

People who want to delay the sale of a dwelling they receive as a beneficiary of a deceased estate, so they can renovate or wait for the property market to pick up, will not get much sympathy from the Australian…

New rule makes trust splitting a CGT event

The Australian Taxation Office has released a draft determination (TD 2018/D3), ruling that splitting a trust may trigger a capital gains tax event. The ATO says a trust split causes new rights and obligations to be created over the transferred…

Last chance for a CGT cost base reset

With self-managed super funds due to file their tax and regulatory returns for 2016/17 by the end of the month, trustees must make a final call on whether the fund is eligible to reset the capital gains tax cost base…

Kavanagh

The Government has retreated from one of the initiatives its announced in last year’s Budget to make housing more affordable. It had planned to “strengthen the capital gains tax rules so that foreign investors pay their share of capital gains…

Q&A 15 January 2018

Q: I hold Rio Tinto shares in my portfolio and last year I participated in a share buyback. It turns out that, for tax purposes, I received a combination of dividends and capital. How does that work? A: The Australian…

Q&A 18 September 2017

Q: What has happened to the Government’s promise to provide a tax incentive for investment in affordable housing? A: In this year’s Budget the Government announced a package of measures to increase the stock of affordable housing, including a capital…