Published on 25 Nov 04
by VICTORIAN DIVISION, THE TAX INSTITUTE
This paper examines a range of issues of relevance to both landlords and tenants, including:
- new Draft Taxation Ruling TR2004/D18 on lease surrender payments and receipts
- tax treatment of lease incentives
- joint ownership of rental properties
- whether tenants can claim a capital loss for tenant's leasehold improvements when the lease ends?
- can tenants claim a tax deduction or capital loss for property restoration works when the lease ends?
- availability of small business CGT concessions to landlords who sell commercial rental properties, holiday apartments, hostels, student accommodation or properties occupied by 'connected entities'
- sale of a going concern conducted on leased real estate - does the GST exemption apply if the buyer can't or doesn't need to take over the lease?
- stamp duty treatment of tenant's fixtures - new section 22A of the Duties Act.
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