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Client Alert for November 2013
Wright Partners • Nov 12, 2013
Residency requirement for CGT home exemption failed
Parent liable to CGT on half-share of townhouse
Penalty for unsubstantiated work-related deduction claims
No enterprise, so GST credits refused
Special GST clause in contract unclear
TIP:
This case highlights the importance of ensuring that a contract for the sale of property clearly specifies whether the sale is subject to GST and whether the price is GST-inclusive or GST-exclusive.
Plumbers were full-time casuals, not contractors
ATO warns of schemes to access additional franking credits
TIP:
Dividend washing occurs where shareholders seek to claim two sets of franking credits on what is effectively the same parcel of shares. Taxpayers who are unsure about their own circumstances should seek independent advice or apply for an ATO private ruling.
ATO focuses on dodgy financial products
