Timing of capital event may be crucial in certain tax situations

Capital losses from collectables can be used ONLY to reduce capital gains from other collectables. The executor of a decreased individual takes part in selling a variety of collectables where a capital gain incurred. There needs to be a lodgement of income tax return for the sold estate for that financial year, and results in an income tax liability

 

Such a lengthy process can be dreadful if not managed properly

 

…It would be an optimal for any potential clients to seek for professional tax planning advice ahead of time to minimise the nuisances of going through all this at a later stage…https://taxideas.com.au/booking/

 

Tel: (02) 8318 1545

Posted in Tax Updates.