Tax News & Articles

When an individual moves overseas there may be flow on capital gains tax consequences. A change in tax residency status may result in the individual taxpayer being denied any main residence exemption if they were to sell their former Australian residence while being a foreign resident. In this article, we highlight some important considerations.

CGT event E4 can also be triggered by tax timing adjustments. In certain circumstances this could lead to double taxation for unitholders. This article explores an example situation where double taxation could arise.

Most practitioners agree that the rules for access to the SBCGT concessions are inherently complex. This article seeks to explore some of these complexities, specifically satisfying the significant individual requirement and the importance of timing where passively held assets are used in a business of a connected entity.

The reopening of borders has resulted in an increase in people choosing to move overseas. It is, therefore, timely to revisit some of the income tax implications of such a move. In this article, we provide practical examples of doing so.

The use of the small business restructure rollover may have impacts such as resetting the clock in respect of the 15-year exemption, or making the active asset test much harder to pass. In this article we highlight some issues to watch out for.

Read our article to learn the facts and impact of the Commissioner of Taxation v Sharpcan [2019] HCA 36 case.

The commonly held view is that where a foreign residents is denied access to the main residence exemption (‘MRE’) they are also denied access to