capital gain
December 11, 2018
Only partial foreign tax offset for US capital gains
A single judge of the Federal Court has agreed with the Commissioner that a taxpayer was only entitled to a 50% foreign income tax offset (FITO) for US tax paid on the sale of investments: Burton v FCT [2018] FCA 1857. An Australian resident taxpayer sold investment assets located in the US. The whole of…
September 12, 2016
Property developer entitled to capital gain tax concession
A taxpayer has been successful before the AAT in arguing that a commercial property it acquired and developed and later sold for a profit of some $40 million had been acquired as a capital asset to generate rental income, and not for the purpose of resale at a profit – despite the fact that the AAT…
