Bean Blog | Beware of the taxman when you sell your land

Selling Land Tax Implications - Giles & Liew Chartered Accountants

Beware of the taxman when you sell your land

August 13, 2019

Did you buy land with the intention to sell?

If you bought land with the intention to sell, expect to pay tax on the profits. It doesn’t matter how long you own the property prior to sale, the intention test overrides other land taxing provisions including the bright-line test for residential land. There are, however, exclusions for the family home and for business premises.

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Ring-Fencing Residential Tax Losses - Giles & Liew Chartered Accountants

Ring-fencing rental losses

February 18, 2019

When will ring-fencing of rental losses apply from? The Taxation (Annual Rates for 2019-20, GST Offshore Supplier Registration, and Remedial Matters) Bill, introduced 5 December and currently open for submissions, […]

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Bright-Line period to be extended to five years - Giles & Liew Chartered Accountants

Bright-line Period to be Extended to Five Years

February 27, 2018

The Minister of Revenue has confirmed the bright-line test on residential property sales will be extended from two years to five years. At present, income tax must be paid on […]

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