Feb 2020 Tax Round Up - the impact of the main residence exemption amendments
by Knowledge Shop Editor, on 03/02/20 16:42
In the final sitting of Parliament late last year, the Senate passed amendments that prevent non-residents from accessing the Main Residence Exemption.
The controversial new laws apply to CGT events happening from 7.30pm (AEST) on 9 May 2017. While the new rules are ‘black and white’ in their application, they do include a short transitional period (to 30 June 2020) and some limited exceptions. We explore this and more in this month's tax round up.
Join Michael Carruthers (Tax Director, Knowledge Shop) and Lisa Armstrong (MD, Knowledge Shop), for just the juicy bits of change for accountants and advisers:
- The main residence exemption changes – who is impacted and how (Treasury Laws Amendment (2019 Measures No. 3) Bill 2019)
- TR 2019/D7: yet another draft ruling on employee travel expenses. And, this one overrides the others where there are conflicting comments.
- Federal Court overturns AAT decision on whether land used for storage was an active asset (Commissioner of Taxation v Eichmann  FCA 2155).
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