Fuel Tax Credits for Heavy Vehicles

From 1 July 2010, the fuel tax credit rate for diesel or petrol for use in heavy vehicles (GVM of greater than 1 tonne) on public roads was reduced to 15.543 cents per litre.
Please note this change when making your claim for fuel tax credits on your Business Activity Statements.

Capital Gains Tax - Real Estate - Part 3

Generally, if you are an individual you can ignore a capital gain or loss from the sale of your main residence. To get the full exemption from Capital Gains Tax (CGT):
  • the dwelling must have been your home for the whole period you owned it;
  • you must not have used the dwelling to produce assessable income; and 
  • the land on which the dwelling is situated must be less than 5 acres. 

    Read more ...

Capital Gains Tax - Real Estate - Part 2

Unlike with business assets, there is no rollover or exemption for a capital gain when you sell a rental property and put the proceeds into a superannuation fund or use the proceeds to purchase another investment property.

However, rollover may be available in special circumstances such as a compulsory acquisition of the property or a marriage or relationship breakdown.

Read more ...

Capital Gains Tax – Real Estate – Part 1

This month we begin a series of articles focusing on Capital Gains Tax (CGT). To begin, we will concentrate on the CGT rules as they apply to real estate.

There are a few rules to keep in mind when you calculate your capital gain or loss on the sale of real estate.

Read more ...