The Greens have called for the negative gearing and the 50 per cent CGT discount to be limited to one investment property only.
It is crucial to understand all elements of the small business CGT concessions to avoid any negative outcomes for clients, a tax adviser has cautioned.
Tax agents are still making mistakes in relation to the sale of CGT assets, the ATO warns.
Mischaracterisation of information and poor recordkeeping are leading to costly errors with capital gains tax among Next 5,000 groups, the ATO has cautioned.
The Australian Council of Social Services has called for reforms to negative gearing and capital gains tax discounts, saying they have supercharged inequality and exacerbated the housing crisis.
Property buyers and sellers have been reminded that the revised foreign resident capital tax withholding scheme is now in effect.
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.
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.
