property
June 11, 2019
New Victorian Economic Entitlement Provisions – Developers Beware!
On 6 June 2019, the State Taxations Acts Amendment Bill 2019 (the Bill) passed both houses of Victorian parliament and at the time of writing is awaiting royal assent. The Bill makes significant and far-reaching changes to the Duties Act 2000 (Vic). This article discusses, in particular, the “economic entitlement” provisions contained in the Bill….
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…
