Because the gain on the land will be taxed as long-term capital gain, the sales proceeds less 15% of the appreciation must exceed $12,355.…
The first issue is whether the sale of the taxpayers Hunter’s Hill home on 15th May 2005 has triggered a Capital Gains Tax (“CGT”) event. The applicable statute relevant to this issue is s104-10[1] of the ITAA97[2]. Since the taxpayers’ home was disposed of with a change of ownership it has therefore triggered an A1 CGT event. s104-10 also states that the event occurs when the contract was entered into; in the taxpayers’ case that is 15th May 2005 and not the 30th June 2005.…
9. How does a property’s “assessed value” (for the purposes of taxation) differ from a property’s actual value?…
TCO D: To measure income derived from property held for business or investment, identify the nature…
a) Yes, this is likely to change John’s tax position because of capital gains and losses on the disposition because of property now convert to ordinary income and losses.…
The payment of the assessment is not a tax. The assessment is a property improvement. Only the owners of the property benefit from the assessment. The assessment is a charge to reimburse the county government for the cost of paving the road that provides a direct benefit to each owner’s property. Such assessments are added to the basis of the property and are not allowed as a property tax deduction.…
| (TCO A) Property taxes on a company 's factory building would be classified as a(n):…
Here are some of the important items of income, which are fully exempt from income tax and which can be utilised by a resident individual Indian assessee for the purpose of tax planning.…
6-15 What is not assessable income: if an amount if not ordinary income, and is not statutory income, it is not assessable income (so you don’t have to pay income tax on it)…
Note: See also subsection 601AE(3)--which deals with liabilities that a law imposes on the property (particularly liabilities such as rates, taxes and other…
Property is categorized for financial accounting and reporting purposes as either personal or real property. Personal…
The property must be income-producing. If you use the property to earn rental income, then you can claim depreciation.…
Act 46 of 1984 – 16 July 1984 ARRANGEMENT OF SECTIONS PART I – PRELIMINARY Short title Interpretation PART II – REGISTRATION DUTY 3 Duty leviable PART III – LAND TRANSFER TAX 4 Levy of land transfer tax 5 Exemption 6 Declaration by transferor 7 Penalty for incorrect declaration PART IV – CAPITAL GAINS 8 Interpretation 9 Levy of capital gains tax 10 Sale price and cost of infrastructure works 11 Contents of deed PART V – 12-15 PART VI – CAMPEMENT SITE TAX 16 Interpretation 17 Plan 18 Register 19 Declaration 20 Powers of authorised officer 21 Notice of entry on register 22 Removal of entry on register 23 Campement site tax 24 Appeal to Minister 25 Service of notice 26 Burden of proof PART VIA – TAX ON TRANSFER OF 26A Tax on transfer of leasehold rights in State PART VII – GENERAL 27 Assessment of cost of infrastructure works 27A Assessment of land and building 28 Valuation of property 29 Transfer of immovable property between 30-33 34 Amendment of tax and duty 35 Penalty for undervaluation 36 Payment of duty and tax 37 Inscription of privilege 38 Abatement or deferment of duty or tax 39 Payment of one tax only 40 – 41 Validity of notice by post 42 Recovery of duty 43 Refund of duty 44 Time limit for claims or refunds 45 Payment to be in multiples of 5 rupees 45A Derogation 46 Remission 47 Regulations 1 2 48-49 50 Application 51-52 FIRST SCHEDULE SECOND SCHEDULE THIRD SCHEDULE FOURTH SCHEDULE FIFTH SCHEDULE SIXTH SCHEDULE SEVENTH SCHEDULE (MORCELLEMENT) TAX – –…
another, an estate in that property which is less than the freehold interest or for…
6. Since the sale of residential premises not input taxed if they are new residential premises other than those used for residential accommodation before 2 December 1998 (Sec40-65 GST), 10% of GST must be added.…