Capital Gains Tax | CGT

7 | Taxwise Australia | (08) 9248 8124

No CGT Main Residence Exemption For Non-Residents

By Warren Kruger / December 15, 2019 / 0 Comments

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 at the time of the relevant CGT event (i.e., generally […]

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Asset Disposal | Taxwise Australia | (08) 9248 8124

Reporting Asset Disposals For CGT

By Warren Kruger / November 12, 2019 / 0 Comments

As the ATO’s data-matching capabilities increase, they are paying close attention to capital gains made on shares, property and cryptocurrency. Therefore, it’s important to let us know about any asset disposals (which can include an asset’s sale, loss or destruction) and to keep records relating to CGT events, including asset disposal, for at least five […]

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Cryptocurrency and the ATO | Taxwise Australia | (08) 9248 8124

Cryptocurrency and the ATO

By Warren Kruger / January 6, 2019 / 0 Comments

Have you dabbled in Cryptocurrency? Cryptocurrency, such as Bitcoin, is not considered money or foreign currency but in fact is an asset for capital gains tax purposes. If you have purchased and disposed of any Cryptocurrency, this will need to be declared in your income tax return as a capital event. Appropriate records to keep […]

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Income Tax Investment | Taxwise Australia | (08) 9248 8124

Investment Tax Issues You Need To Be Aware Of

By Warren Kruger / December 10, 2018 / 0 Comments

Investors must consider a range of tax laws dealing with income, assets and deductions. Even that term “income”, the meaning of which most of us would assume, can take on nuanced shades of meaning when considered regarding investment. For example, investment income earnings such as dividends and interest are typically considered ordinary income. Franking credits, […]

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House Extension | Taxwise Australia | (08) 9248 8124

Expanding the Empire and Retaining the CGT Main Residence Exemption

By Warren Kruger / February 15, 2018 / 0 Comments

A question that surfaces now and then in regard to capital gains is whether the main residence exemption extends to additional land acquired after the time of acquisition of the residence. The short answer is yes — provided that certain requirements are met. It should also be noted that where the exemption applies upon satisfaction […]

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Taxation of Foreign Income Derived by Australian Residents

By Warren Kruger / November 6, 2017 / 0 Comments

Under Australia’s taxation regime, resident taxpayers are subject to income tax on both income derived in Australia and on foreign sourced income. As a general rule, where foreign income is derived by an Australian resident, the gross amount (including any foreign tax paid on the income) must be included as assessable income. A foreign income […]

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