Article Abstract:
Capital gains and capital loss tax regulations become applicable for those who invest in shares, or stocks, in Australia, when an asset acquired after Sept. 19, 1985, is sold. Basic knowledge of the tax system and keeping good records turn out to be important when it is time to pay the taxes. Company profits are not to be taxed more than once under the system in existence in 1998. The law has ways to achieve that, but they are not easy to understand.
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Article Abstract:
Not only will good recordkeeping help when the tax auditor asks for records of your investments, but it will also aid in providing regular reviews of your share portfolios and assets. List your assets and liabilities and keep a record of where the document titles are located. It is also a good idea to record financial, personal and family data and to list the account number of credit cards if you should ever be robbed.
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Article Abstract:
The body corporate and their issues regarding General Service Tax (GST) are discussed. If their turnover exceeds $50,000 a year, they are bound to be registered as GST payers and any body corporate that becomes a registered entity would need to charge its members levies on a GST-inclusive basis and remit the GST to the government at the usual one-eleventh of the gross amounts involved.
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