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Category Archives: CGT
Removal of the CGT discount for non-residents
Contributed by Andrew O’Bryan, Partner, Anthony Bradica, Partner and Andrew Carter, Senior Associate, Hall and Wilcox The Assistant Treasurer released exposure draft legislation and explanatory material to remove the capital gains tax (CGT) discount for temporary and non-residents on 8 March 2013. The proposed amendments to Subdiv 115-B of ITAA 1997 will implement an announcement contained in the 2012/13 Federal Budget on 8 May 2012. While the policy is targeted towards capital gains made from taxable Australian property (the Assistant … Continue reading
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“Defriending” at Facebook, co-founder says good bye
So much is going on with Facebook that politicians have joined the call to tax the techies while they are with us ( Make Google pay more tax: Turnbull.) Firstly the IPO was held (valuation $104 billion), then the news broke that its co-founder Eduardo Saverin had quit his U.S citizenship in September last year to reside in Singapore and finally the news that Mark Zuckerberg has tied the knot (prenup or not). Here’s the deal with Saverin. He renounced his US citizenship, … Continue reading
Strange case of Vodafone- Goose that lays no more
There is no better example of the story of the goose and the golden eggs than the unfolding saga of Vodafone in India. Retroactive legislation has rarely before taken on such a diabolical turn. The recent budget speech by the Indian Finance Minister signaled the introduction of retroactive amendments to tax cross-border transactions in which the underlying assets are located in India. Capital gains arising to a non-resident from transfer of shares in a company incorporated outside India with substantial assets … Continue reading
Holiday homes in Fiji under threat – CGT comes calling
CGT is coming to countries around us. In New Zealand the idea is being entertained by the Labour Party. Fiji introduced a broad based CGT regime from May this year. The Fijian tax will be at 10 percent of the gain (Capital Gains Tax Decree 2011) and covers land (including structural improvement and interest in land such as leases), certain vessels, yachts and shares. Fijian tax residents are taxable on a worldwide basis and non-residents only in respect of Fijian … Continue reading
Aussie property investment in New Zealand- What if NZ gets CGT?
The New Zealand Labour Party has announced that it will introduce a capital gains tax if elected at the next election to be held in November this year. The rate proposed is 15%. See “Capital gains tax could raise $4b“. Currently, sales of New Zealand property have CGT implications for an Australian tax resident. Capital gains from NZ property are taxable in Australia . Also, if a capital loss results from the sale of a NZ property, it may be … Continue reading
Budget 2011- Trusts in small business concessions
It was announced in the Budget that the following minor amendments will be made to ensure that taxpayers can have a non-zero direct small business participation percentage in situations where: shares in a company are held jointly by taxpayers; and a discretionary trust has not made a distribution in an income year where the trust had a tax loss or no net income for that year (Budget paper No.2 page 48) Although the proposed amendments do not appear extensive when … Continue reading
Private equity and Vodafone – substance over form
At long last the ATO has issued the final version of two determinations that caused a stir when they were released well over a year ago in the wake of the Myers float. According to the drafts now finalised proceeds from sale of shares in Australian companies by private equity firms will be treated as ordinary income and not capital gains. Since sale of shares owned by non-residents do not produce taxable capital gains the profits made by private equity … Continue reading
Confronting the incredible property bubble
The relentless growth of the property bubble has been continuously causing anxiety in government circles in most countries thus prompting ad hoc measures at curtailing it. Although prices appear to be easing in Australia, the housing market continues to be of concern both to the government and the growing population. It is widely accepted that Australia is one of the countries where property is overpriced. In neighbouring countries the picture is not very different. In Singapore, in an attempt to … Continue reading
