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Tag: capital

  • Capital gains tax, negative gearing and trusts to form budget tax trio | View from The Hill: the …

    Capital gains tax, negative gearing and trusts to form budget tax trio | View from The Hill: the …

    Explore the latest developments concerning Capital gains tax,.

    Capital gains tax, negative gearing and trusts to form budget tax trio

    Changes to negative gearing, the capital gains tax and trusts are set to feature in next week's budget. (ABC News: Matt Roberts)

    Next week's budget will feature changes to the capital gains tax, negative gearing and the taxation of trust funds.

    Some of the details have been left undecided until the last minute.

    All three featured in Labor's 2019 election platform, but the policy design will differ.

    Negative gearing will be curbed, the capital gains tax (CGT) discount overhauled, and new tax rules imposed on trusts in next week's federal budget as the Albanese government braces for a fierce debate about housing, wealth and intergenerational fairness.

    View from The Hill: the art of political spin – defending a broken promise as ‘building trust’

    In his first term, Anthony Albanese was highly reluctant to break promises. He resisted for a long time recalibrating the Coalition’s tax cuts, because he had undertaken to deliver them intact.

    This term, it seems to be a different story. In last year’s election campaign, Albanese promised there would be no change to negative gearing. Asked in one of the debates to confirm that “negative gearing is off the table”, the prime minister was unequivocal, “Yeah, it’s off the table […] the key is supply, and that measure will not boost supply”.

    Nor did Albanese indicate he would reform the capital gains tax.

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    CGT change to tax existing investments based on length of ownership

    The Albanese government plans to transition existing investors to a new capital gains tax regime through a hybrid grandfathering system based on how long an asset is owned.

    Existing investors in property, shares and other assets will not be fully exempt from the CGT changes, with their future gains after the May 12 budget subject to the planned inflation indexation model, under a proposal Treasury has prepared for Treasurer Jim Chalmers.

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  • Capital gains tax, negative gearing and trusts to form budget tax trio | View from The Hill: the …

    Capital gains tax, negative gearing and trusts to form budget tax trio | View from The Hill: the …

    Explore the latest developments concerning Capital gains tax,.

    Capital gains tax, negative gearing and trusts to form budget tax trio

    Changes to negative gearing, the capital gains tax and trusts are set to feature in next week's budget. (ABC News: Matt Roberts)

    Next week's budget will feature changes to the capital gains tax, negative gearing and the taxation of trust funds.

    Some of the details have been left undecided until the last minute.

    All three featured in Labor's 2019 election platform, but the policy design will differ.

    Negative gearing will be curbed, the capital gains tax (CGT) discount overhauled, and new tax rules imposed on trusts in next week's federal budget as the Albanese government braces for a fierce debate about housing, wealth and intergenerational fairness.

    View from The Hill: the art of political spin – defending a broken promise as ‘building trust’

    In his first term, Anthony Albanese was highly reluctant to break promises. He resisted for a long time recalibrating the Coalition’s tax cuts, because he had undertaken to deliver them intact.

    This term, it seems to be a different story. In last year’s election campaign, Albanese promised there would be no change to negative gearing. Asked in one of the debates to confirm that “negative gearing is off the table”, the prime minister was unequivocal, “Yeah, it’s off the table […] the key is supply, and that measure will not boost supply”.

    Nor did Albanese indicate he would reform the capital gains tax.

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    Labor insiders coy on income tax cuts, as government casts broken promise as virtuous

    Scrapping tax breaks on landlords and property investors may yet be softened by a surprise tax cut in next week’s budget, as Labor frames its broken promise on negative gearing as a virtuous one.

    Treasurer Jim Chalmers gave no indication he was planning to cut income taxes when asked on Monday, instead saying “we’ve already got tax cuts coming”. He also cited a policy allowing a $1000 standard tax deduction.

    “I’ve seen some speculation about tax cuts: I would just remind everyone that this is a government cutting taxes, cutting income taxes,” he said, referring to minor cuts sprung on the opposition before the last election that will come into effect in July.

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  • BTN Strengthens Capital and Accelerates Credit Strengthening | Watch: IU football coach Curt Cign…

    BTN Strengthens Capital and Accelerates Credit Strengthening | Watch: IU football coach Curt Cign…

    Explore the latest developments concerning BTN Strengthens Capital.

    Watch: IU football coach Curt Cignetti talks spring practice, NFL Draft, more on BTN

    Watch as IU football coach Curt Cignetti joined Rick Pizzo on the Big Ten Network ahead of the spring game.

    Cignetti is 27-2 in his two seasons at Indiana, with a national title and Big Ten title to his credit.

    Indiana concludes spring practice with the spring game this week.  For full details on what to expect for Thursday’s game, GO HERE.

    The Daily Hoosier –“Where Indiana fans assemble when they’re not at Assembly”

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    The dynamic landscape of current events often brings forth significant discussions. Monitoring these developments provides crucial insights.

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  • Who is using the Capital Gains Tax discount the most, according to the ATO | ATO details three-st…

    Who is using the Capital Gains Tax discount the most, according to the ATO | ATO details three-st…

    Explore the latest developments concerning Who is using.

    Who is using the Capital Gains Tax discount the most, according to the ATO

    We're about a week away from seeing final recommendations presented to the Senate over the long-standing Capital Gains Tax discount scheme. While we wait, we can now take a look at what Treasury and the ATO have to say about who is using it. 

    We’re about a week away from seeing final recommendations presented to the Senate over the long-standing Capital Gains Tax discount scheme. While we wait, we can now take a look at what Treasury and the ATO have to say about who is using it. 

    At a hearing in Melbourne, Treasury and the ATO appeared to give evidence. That evidence told a story of how the nation’s richest wheel and deal through trusts and other structures to use the capital gains tax discount the most.

    ATO details three-step checklist before seeking lodgment deferral

    As tax deadlines draw closer, the Australian Taxation Office (ATO) is warning accountants and their clients when it will — and will not — consider deferral requests.

    The notice comes as the tax office balances its legislative requirement to collect what is owed, and its efforts to better inform Australians about the reasons their requests for leniency might be denied.

    The ATO on Monday issued new advice to tax agents, saying any request to defer tax lodgment must meet three criteria.

    The first thing to consider: if unforeseen and exceptional circumstances are affecting a taxpayer’s ability to lodge before the relevant due date.

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    ATO flags essential questions for lodgment deferrals

    The Tax Office has outlined important questions for tax agents to consider before applying for lodgment deferrals for their clients. 

    In a recent update, the ATO has highlighted some important questions to help tax agents determine whether requesting a lodgment deferral is the correct decision for their clients. 

    The ATO reminded tax agents that if they, their practice or their client experiences circumstances such as a serious illness, unexpected staff absence, a natural or other disaster, they may be eligible for a lodgment deferral. 

    "[However], you should not request lodgment deferrals if your clients simply haven't provided information with enough time for you to prepare and lodge by the due date," the ATO said. 

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