CGT Timing: When Is a Sale Contract Actually Entered Into?
When it comes to Capital Gains Tax (CGT) in Australia, the timing of a sale contract is crucial. The ATO considers the date you enter into the contract to sell an asset—not the settlement date—as the key point for CGT purposes. This means any capital gain or capital loss is counted in the income year the contract is signed. Read More…
Navigating the Complexities of Capital Gains Tax (CGT) and Trusts
The interaction between Capital Gains Tax (CGT) and trusts is notoriously complex. Albert Einstein himself once remarked on the difficulty of understanding tax law, and this area certainly fits that description Read More…
Inheriting assets other than a home
When inheriting a home, most people are aware that if it is sold within two years of the deceased’s passing, no capital gains tax (CGT) is payable. There are also other circumstances where an inherited home can be sold without incurring CGT. However, when it comes to other inherited assets—such as cars, shares, vacant land, jewellery, or artwork—no such exemption applies if these assets are sold by the beneficiary or by the executor during the estate’s administration. Read More…
A recent decision by the Full Federal Court around a man’s tragic death by suicide clarified the standing of a de facto spouse in the context of a non- lapsing death benefit nomination on a life insurance policy made by the deceased person. Read More…
