Client Alert for November 2013

Wright Partners • November 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



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