Capital gains tax traps - according to the Tax Office.

Australasian Business Intelligence, December, 2005

Dec 06, 2005 (Intax - ABIX via COMTEX) -- The Australian Taxation Office has prepared tips for capital gains tax (CGT). They include the following advice: report net capital losses carried forward to later income years; keep comprehensive records;

know which costs are deductible and which are included in the CGT cost base; report capital gains and capital losses from inherited assets; declare your share of capital gains

on jointly owned assets; deduct any capital losses before applying a discount; and calculate a capital gain or capital loss when giving away property.

Publication Date: November 2005

 
AUSTRALIAN TAXATION OFFICE 

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