If your client is a small business entity and their turnover is less than $2m then you do not need to consider the maximum net asset value test. However if they do not meet the definition of a small business entity then they must satisfy the maximum net asset value test which is currently $6 [...]
Monthly article archives: October 2011
Capital Allowances and Impact on Capital Gains Tax
Many people ask how capital allowances impact on the calculation of the capital gain when disposing of a property. Capital allowances are covered by Division 43 of the Tax Act. Effectively this allows someone to claim a write-off for the building construction costs over a period of time. If a taxpayer is selling an investment [...]
Managing Your Clients Transfer Pricing Actions and Risk in Australia
Omega Partners offers a range of transfer pricing services that can be delivered separately or in combination to achieve the most appropriate solution for your organisation. Risk Assessment A transfer pricing risk assessment “red flags” transfer pricing risks and opportunities. You will be better informed so that you can prioritise and remove the identified risks, [...]
What is the Market Value for CGT Small Business Concessions ?
Syttadel Holdings Pty Ltd sold a CGT asset, the Spinnaker Sound marina at Sandstone Point, in August 2006 for $8.9 million. Syttadel had acquired the asset, comprising land, buildings, marina berths, goodwill and plant and equipment, in June 1996 for $1.675 million. The venture was not initially profitable but by 2006 its net profit was [...]