Tag Archives: small business CGT concessions

Building delays may cost you in more ways than one

If you’re building or substantially renovating your home, any delays you may experience may end up costing you more than just money now. Individual Australian tax residents are able to access a building concession which in essence means that they can treat either the land or dwelling on the land as their main residence even though they are not living there during building or renovations. However, this concession only applies for a maximum of 4 years subject to certain conditions. Absence of the concession, you may be slugged with CGT on sale of that residence.

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Overview of small business CGT concessions

Recently, the ATO has noticed that some larger and wealthier businesses have mistakenly claimed small business CGT concessions when they weren’t entitled. By incorrectly applying the concessions these businesses were able to either reduce or completely eliminate their capital gain. The ATO has urged all taxpayers that have applied the small business CGT concessions to check that they were eligible, this firstly means that the business should meet the definition of a CGT small business entity or the maximum net asset value test.

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