CGT withholding measure now law
In January, the Government recently passed legislation making changes to the foreign resident capital gains withholding laws.
CGT on the sales of shares and units
Capital gains tax on the sales of shares or units When you sell or dispose of shares or units you may make a capital gain or capital loss. This will depend on when you bought or acquired the shares or units. If you bought the shares or units: before 20 September 1985 – you are exempt […]
Builder unable to obtain refund of incorrectly charged GST
Ruling by Administrative Appeals Tribunal impacts GST refund guidelines The Administrative Appeals Tribunal has held that a builder was unable to receive a refund of GST incorrectly charged on the sale of a residential premises that had been rented for just over five years since construction was complete. The taxpayer claimed the GST charged on […]
2021/22 Federal Budget
Omnis Group Federal Budget Summary 2021/22 Key points covered by this summary: Personal income tax changes Changes affecting business taxpayers Superannuation related changes 1. Personal income tax changes 1.1 Retaining the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year The Government has announced that it will retain the LMITO for one […]
2020/21 Federal Budget Summary
Omnis Group Federal Budget Summary 2020/21 Key points Changes to personal income tax rates Expanding access to Small Business Tax Concessions JobMaker Hiring Credit Uncapped immediate write-off for depreciable assets Temporary loss carry back for eligible companies Reducing the compliance burden of FBT recordkeeping 1. Personal income tax changes 1.1 Changes to personal income tax […]
ATO on property investments
Investing in property? The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they should know. Such as: they need a clearance certificate from the supplier when buying property over $750,000; they may have to pay the GST on the sale of brand new residential property […]
Foreign income tax offsets
Court confirms ATO’s position on foreign income tax offsets The ATO has welcomed the decision of the High Court to basically uphold the decision of the Full Federal Court in a case which the ATO won, in relation to foreign income tax offsets (FITO). An Australian tax resident had sold some US investments and paid […]
No CGT main residence exemption for non-residents
CGT main residence exemption for individuals who are foreign residents The Government recently tabled legislation, making its second attempt to deny access to the CGT main residence exemption for individuals who are foreign residents (i.e. non-resident taxpayers for Australian tax purposes). The restrictions to this CGT exemption will apply to taxpayers who are a non-resident […]
Permanent place of abode test
Taxpayer living in serviced apartments overseas not a resident The Full Federal Court has found that a taxpayer had a “permanent place of abode” in Bahrain, even though he lived in temporary accommodation, and therefore allowed his appeal against a decision that he was a resident of Australia. This decision confirms that the correct focus […]
