ATO on property investments

The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they should know, such as:

  • they need a clearance certificate from the supplier when buying property over $750,000;
  • they may have to pay the GST on the sale of brand new residential property separately to the ATO; and
  • income from property activities could increase their total business turnover.

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Small Business CGT Concessions and Active Asset Test

Can a Vacant Block of Land be an Active Asset for the Purposes of Accessing the Small Business CGT Concessions?

One of the basic conditions for the purposes of accessing the Small Business CGT Concessions (the CGT Concessions) is the requirement that the asset disposed of is an ‘active asset used in the course of carrying on a business’.

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Fringe Benefits Tax (FBT)

Fringe Benefits Tax (FBT) is a tax imposed on employers if they provide non-cash/fringe benefits to their employees. Commonly provided fringe benefits that may attract FBT include work cars made available to employees for private use, the provision of entertainment, such as, meals at restaurants, tickets to sporting events, corporate boxes, office Christmas parties and regular Friday afternoon drinks.

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