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The key that unlocks the door to the CGT exemption for an inherited home.

Publication date: 23 Aug 06 | Source: INTAX

Issue: August 2006

Pages: pp.10-11

Abstract:
The CGT treatment of a post-CGT inherited house that was the deceased's main residence has always, on the face of it, been a complicated matter. However, there is one key that unlocks much of the comlexity of the provisions - and that is where the house was "the deceased's main residence just before the deceased's death and was not then being used for the purpose of producing assessable income". If this condition is met, then understanding the provisions become simple - and many good things flow from it!

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Author profiles

Lachlan Wolfers CTA
Lachlan is the leader of KPMG’s Indirect Tax practice in China and a member of KPMG’s Global Indirect Taxes leadership team. He was formerly a director of The Tax Institute, and leader of KPMG’s Indirect Taxes and Tax Controversy practices in Australia prior to his relocation to China in 2011. In his current role, Lachlan is assisting multinational companies transition to VAT in China. He is a frequent presenter and media commentator on VAT issues in China, and is currently advising China’s Ministry of Finance and State Administration of Taxation on several tax reforms, including VAT and Advance Rulings. - Current at 27 August 2012
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Lachlan Wolfers CTA
Lachlan is the leader of KPMG’s Indirect Tax practice in China and a member of KPMG’s Global Indirect Taxes leadership team. He was formerly a director of The Tax Institute, and leader of KPMG’s Indirect Taxes and Tax Controversy practices in Australia prior to his relocation to China in 2011. In his current role, Lachlan is assisting multinational companies transition to VAT in China. He is a frequent presenter and media commentator on VAT issues in China, and is currently advising China’s Ministry of Finance and State Administration of Taxation on several tax reforms, including VAT and Advance Rulings. - Current at 27 August 2012
Click here to expand/collapse more articles by Kirk WILSON.