Business Services Industry
Watch investor incomes don't trip up capital gains.
Australasian Business Intelligence, August, 2002
Aug 18, 2002 (The Age
ABIX via COMTEX) -- The Australian Taxation Office can use sophisticated cross-referencing to determine if an income tax return should report capital gains. Dividend and rental income from previous years are one obvious trigger. Every capital transaction must be reported, no matter the size or cause. Capital losses must be applied before any capital gains discount. Improvements to assets acquired prior to September 1985 are subject to capital gains tax. Repairs to rental properties may be considered capital expenditure if they do not relate directly to rental. Tax deductibility is based on what the proceeds of a loan are used for.
Publication Date: 19 August 2002
AUSTRALIAN TAXATION OFFICE
By Max Newham...
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