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Capital gains tax: The obscure provisions

Published on 01 Jun 11 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

The capital gains tax provisions are a key feature of our tax system and seem to take up an extraordinary amount of most tax professionals' daily lives. At the time of writing, there are 53 separate CGT events which potentially lead to a tax liability. There are also many concessions, roll-overs, exceptions, exemptions, rules and modifications which have to be taken into account.

This article considers some CGT events which raise issues that tax advisers must be aware of, but which, for a variety of reasons, do not seem to get the exposure that the more popular CGT events receive. The article also covers issues relating to the CGT roll-over provisions, including the latest roll-over, Subdiv 124-R relating to water entitlements, and points out some "traps and tips" to be aware of when deciding which roll-over to use and how to use it.

Author profile:

Paul TANTI

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