What happens when the intended use of property changes?
Source: The Tax Specialist Journal Article
Published Date: 1 Aug 2021
Real estate has traditionally been an accessible and versatile investment for SMEs and high net worth individuals. Uncertain economic times resulting from the global pandemic has meant that investors and developers may have to rethink their property holdings, and transactions undertaken now may differ from the original intended use. Given the volume of information now available to the ATO and the increased focus on property transactions, it is more likely that tax positions taken will attract their attention and require explanation. This article explores common changes and the resulting tax consequences arising from a change of intention.
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Details
- Published By: Sian Sinclair CTA
- Published On:1 Aug 2021
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