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The CGT changing residence concession - the detail can bite.

Publication date: 08 Dec 06 | Source: WEEKLY TAX BULLETIN

Issue: No. 51 2006

Pages: pp.2044-45

The generous nature of the various concessions that surround the operation of the CGT main residence exemption can be quite deceiving. They can lead to a taxpayer to believe that the concession can be applied as "of right" without proper regard to the conditions that must be met before their application and the specific rules that apply to their use. The concession for "changing main residences" is no exemption.

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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
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