Capital Gains Tax (CGT) Income tax 2015

The income tax and CGT consequences of property disposals

Source: Taxation In Australia Journal Article

Published Date: 1 Feb 2015


The capital gains tax regime has been in force since late 1985. Nevertheless, it is arguable that tax advisers and tax practitioners have tended to overlook one of the basic principles of the income tax system, namely, the distinction between income and capital, with respect to the characterisation of gains. This article argues that this is particularly the case with respect to gains that have been generated through property transactions, and that there is a need for care with regard to the gains arising from such transactions, even one-off transactions.

The author puts forward and analyses four reasons why practitioners need to be careful when advising clients in this area. In particular, it is urged that practitioners should ensure that all relevant evidence as to the intention of the taxpayer is obtained at the time of acquisition of property.

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Capital Gains Tax (CGT) Income tax 2015

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