I jointly own an investment rental property with my elderly mother. Neither of us has ever lived in the property. We’ve recently updated our wills. The lawyer says that if Mum’s will gifts her half of the property to me then this ‘gift’ will not attract capital gains tax. Is this correct?
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There has been allot of Misconceptions regarding the $20,000 immediate write-off now available to small business. There are many people who believe this new legislation allows small businesses to claim back the entire purchase price of assets that cost less than $20,000.
Negative gearing was first introduced into the Australian economy in 1985 by the Keating government. The main factor attracting increasing numbers of investors to purchase negatively geared property is the ability to offset the losses from the rental property against another source of income, commonly wages. This allows investors to profit from the capital growth of the property, while enjoying the benefits of reducing their tax bill at the end of each financial year.
Whether you’re in business or a individual taxpayer, if you have flowing funds between countries, the tax office is going to be interested in you. For individuals, Project Do It provides an opportunity to voluntarily disclose unreported foreign income and assets before the tax office discovers them.
Are you confused about what happened to all of those announced Budget cutbacks then you’re not alone. Many of the Government’s initiatives are stalled in the Senate awaiting final negotiation. Below is a quick summary of where everything is up to:
Hauled in before a Senate enquiry, media mogul Kerry Packer famously said, “Of course I am minimising my tax. And if anybody in this country doesn’t minimise their tax, they want their heads read, because as a government, I can tell you you’re not spending it that well that we should be donating extra!”
Historically, most professional firms were partnerships of natural persons. Currently, professional firms are structured in a variety of ways, reflecting the economic and legal choices made by owners of those firms. In some cases, these structures may be used in ways that give rise to different tax consequences and resulting tax compliance risks.
A successful medical practice does not happen without effort. It is the result of a good idea, implemented in a systematic way, over a period of time, according to a pre-conceived plan or schedule. This is the case, whether the practice is being started from scratch, or whether it is an older practice entering a new phase of activity and growth.