abc pty ltd atf abc trust
Please correct me if I am wrong. The above is a trust.
It is therefore in theory elligible for 50% cgt discount.
(as opposed to a company which does not get 50% cgt discount)
The trust objectives are written down that the trust is in the business of long term investment in property and rental income.
Due to financial shortfalls the bank have ordered that certain properties be sold and 100% of funds put to reducing a loan. Property holding time 2 years.
"In theory" the trust should be able to claim the 50% cgt discount.
However the ATO look at intention.
Although as property investors we usually have plan a, b ,c, d, e
ie buy and hold, sell, renovate and hold, renovate and sell, subdivide.
the ATO say we are allowed only one thought in our head at one time, and therefore one intention.
Any comments?
Please correct me if I am wrong. The above is a trust.
It is therefore in theory elligible for 50% cgt discount.
(as opposed to a company which does not get 50% cgt discount)
The trust objectives are written down that the trust is in the business of long term investment in property and rental income.
Due to financial shortfalls the bank have ordered that certain properties be sold and 100% of funds put to reducing a loan. Property holding time 2 years.
"In theory" the trust should be able to claim the 50% cgt discount.
However the ATO look at intention.
Although as property investors we usually have plan a, b ,c, d, e
ie buy and hold, sell, renovate and hold, renovate and sell, subdivide.
the ATO say we are allowed only one thought in our head at one time, and therefore one intention.
Any comments?