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24
May

STATUTORY LICENCE AND CGT ROLLOVER ON STATUTORY LICENCE HOLDER

Statutory licence A statutory licence is a licence that gives the authority or permission for continuing the management of certain industries. This licence is granted by a government or any governme...

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24
May

WHAT ARE THE GENERAL DEPRECIATION RULES FOR CAPITAL ALLOWANCES?

You usually apply the general depreciation rule when you want to calculate the depreciation deduction for most of your assets. The general depreciation rules help you to calculate the amount that can ...

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24
May

WHAT IS INDEXATION METHOD AND WHO CAN USING THIS METHOD?

When you make a capital from the sale of asset/s you have to pay Capital Gains Tax (CGT). You have to include this with your income tax return for the financial year. Whenever a capital gain has been ...

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24
May

WHAT ARE DEPRECIATING ASSETS? WHAT CGT EXEMPTIONS APPLY TO A DEPRECIATING ASSET?

Depreciating assets are the business assets that can be expected to decline in value over the life of the asset. It has a limited effective life. You begin depreciating an asset when it is ready and a...

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24
May

EXPLAIN THE DISCOUNT METHOD OF CALCULATING AN INDIVIDUAL’S CAPITAL GAINS

Capital Gains Tax (CGT) is not really a separate tax but is what you need to include on your income tax return for any net capital gain incurred in a financial year. You can use different formulas to ...

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24
May

EXPLAIN THE DEMUTUALISATION OF INSURANCE COMPANIES

Demutualisation is the procedure by which a mutual company is converted to a public trading company. When a mutual company becomes demutualised then the members of the company exchange their rights of...

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24
May

WHAT IS STOCKTAKES? WHAT ARE THE ASSETS RECORDS TO BE KEPT FOR CGT PURPOSES?

Stocktakes Stocktaking is the process of counting inventory physically. It is done generally to provide an audit of existing stock. It can also be the source of stock discrepancy information. Rec...

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24
May

WHAT IS EFFECTIVE LIFE? HOW DO THE STATUTORY CAPS ON EFFECTIVE LIFE WORK?

The effective life of an asset is the period that the asset can be used by anyone for income producing purposes. The decline in value of a depreciating asset is worked out using the asset's effect...

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24
May

WHAT ARE THE CGT EXEMPTIONS FOR COLLECTABLES?

Capital Gains Tax (CGT) applies to the capital gain made on the disposal of any asset, except for specific exemptions such as main residence, personal use items, collectables depreciating assets, good...

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24
May

15-YEAR EXEMPTION CGT CONCESSIONS FOR SMALL BUSINESSES

The Capital Gains Tax (CGT) concessions for small businesses apply to provide a measure of CGT relief to eligible small business taxpayers for disposal of certain assets. Once the owner has qualifi...

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24
May

VCLP AND ESVCLP TAX INCENTIVES AND CONCESSIONS

VCLP Tax Incentives & Concessions Foreign limited partners: If you are a foreign limited partner in the VCLP that owns an investment for at least 12 months and if you are either exempt from tax...

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24
May

WHAT ARE THE DIFFERENT TESTS OF DEMERGING? EXPLAIN.

Restructuring of a corporate or fixed trust group by splitting into groups is known as demerger. Stockholders in the parent company (or “head entity”) get direct ownership from indirect access in ...

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