Capital gains tax continues to be the most common tax trap for Australian small businesses due to its broad scope, a tax specialist has warned.
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CGT
The big four firm is calling for the $20 million threshold for the new ATO notification requirement to be increased to $250 million.
Complex reforms broadening the regime without a transitional period make Australia a less attractive destination for business, The Tax Institute warns.
The government has provided further details on its plans to strengthen the foreign capital gains tax regime.
A recent Federal Court ruling confirms bankruptcy trustees are on the hook for tax on capital gains.
The dispute in the AAT turned on competing asset valuations by PKF and KordaMentha on behalf of the ATO.
Modelling for proposals to dial back property tax concessions finds billions could be freed up every year to address the housing crisis.
The tax reform debate turns from stage 3 cuts to concessions for property investors ahead of the federal budget.
Conducting a business at your main residence imperils the levy exemption when the house is sold.
The ATO is consistently picking up errors with small business CGT claims due to the complexity of the rules, warns BDO.
The ATO must delay its tax determination concerning non-arm’s length income and capital gains tax until the non-arm’s length income expense provisions are settled, say industry associations.
When someone overseas inherits from a will, other beneficiaries can end up footing the tax bill.