A bipartisan ethics proposal aimed at securing passage of the US crypto market structure bill includes a tax-deferral benefit that could save President Donald Trump millions upon divesting from crypto-related businesses.
Tech giants Microsoft, Amazon, Alphabet boosted Q2 earnings with private AI investment gains from Anthropic, OpenAI, SpaceX, inflating S&P 500 growth; analysts say gains are one‑off and may reverse.
Taxpayers claiming exemptions under Sections 54 and 54F often face notices due to overlooking the 3-year rule for CGAS deposits, leading to unintended tax liabilities upon the expiry of the investment period.
Taxpayers are urged to verify Annual Information Statement (AIS) data against primary sources like broker P&L statements before filing income tax returns for AY 2026-27. Relying solely on AIS may lead to incorrect income reporting. Independent capital gains computation is crucial for accuracy and compliance.
South Africa's Revenue Service (SARS) has released draft guidelines clarifying crypto asset taxation under existing income and capital gains tax laws. Most crypto activities like trading, swapping, and spending are considered disposals triggering tax events, with taxpayer intention being a key factor in classification.
UK households saw a 0.8% drop in real disposable income in Q1 due to rising inflation and capital gains tax, marking the fourth decline in five quarters. The ONS reported 0.6% GDP growth, while political figures like Andy Burnham pledge to tackle living costs, and economists forecast a cautious economic outlook.
Labor has reached an agreement with the Greens to pass its reforms on capital gains tax discount and negative gearing. The Greens' leader, Larissa Waters, stated that while they couldn't achieve more ambitious goals like removing grandfathering or capping negatively geared properties, this deal was the best possible outcome.
King Charles and Queen Camilla will not move into Buckingham Palace after its £369m renovation, preferring Clarence House to increase public access. Royal finances reveal Charles paid £12.9m in tax, and the sovereign grant will nearly double to £99.9m by 2027-28, sparking transparency concerns.
New Australian tax changes on capital gains are already impacting housing prices, contrary to opposition claims. Research indicates the 50% CGT discount, introduced in 1999, is a primary driver of the housing affordability crisis, not banking deregulation. Data also shows younger Australians are not the largest capital gains cohort, nor do they earn the most from them, challenging claims that the changes harm them.
The Greens will support the Albanese government's negative gearing and capital gains tax changes. In return, Labor's overhaul of the national disability insurance scheme will be delayed and tweaked. This deal allows Labor to pass its budget centerpiece before parliament rises.
Experts clarify that only the actual financial contributor to a jointly owned property can claim long-term capital gains tax benefits. For a flat allotted before July 23, 2024, taxpayers can choose between 20% with indexation or 12.5% without indexation, and Section 54 allows for tax exemption if reinvested in another property.
The Greens will support the Albanese government’s negative gearing and capital gains tax changes in exchange for delaying and tweaking the National Disability Insurance Scheme (NDIS) overhaul. The deal allows Labor to pass its budget centerpiece before parliament rises.
A Kolkata businesswoman, Saroj Goenka, legally saved ₹26 crore in taxes by reinvesting long-term capital gains from share sales into constructing a residential bungalow, winning an appeal against tax objections under Section 54F of the Income Tax Act.
Pauline Hanson addresses her new MP's comments on immigration and Indigenous flags. The Albanese government offers concessions on capital gains tax changes. Iran plans maritime fees in the Strait of Hormuz, Ukraine drones strike Moscow, and Lionel Messi's family requests "humanity" amid health reports.
The Australian Labor government has introduced concessions to its proposed capital gains tax changes, increasing the small business threshold to $10m and exempting testamentary trusts from a new tax rate. While reported as a major retreat, the changes are seen as adjustments to counter "scare campaigns" rather than a fundamental rewrite. The concessions cost $475m over forward estimates and are crucial for the government's housing market reform agenda.
Australia's Prime Minister Anthony Albanese has announced expanded capital gains tax (CGT) exemptions for small businesses, including startups and testamentary trusts. The government increased the turnover threshold to $10 million, making the exemption "substantially broader and significantly more generous" in response to industry criticism.
Australia will provide "generous" capital gains tax exemptions for nearly all small businesses, with exemptions for startups and testamentary trusts. The annual turnover threshold for concessions will rise to $10m, benefiting 98% of businesses.
UK government revenue from Capital Gains Tax (CGT) has surged by nearly 80% to £24bn in the last tax year due to rule changes, impacting more individuals. Experts advise on strategies like utilizing ISAs, transferring assets between spouses, and pension contributions to mitigate CGT bills.
Health Minister Mark Butler is pushing to pass contentious NDIS reforms this month, warning against delays. The Coalition and Greens are considering teaming up to extend inquiries into the NDIS, negative gearing, and capital gains tax changes, which disability groups and state ministers have criticized.
Health Minister Mark Butler is pushing to pass controversial NDIS reforms this month, rejecting opposition calls for extended inquiries. He warns that delays could cost billions and hinder improvements to support quality and fight fraud, accusing the Coalition of using the bill as a political pawn. Disability advocates and state ministers have criticized the proposed changes.
Labor Treasurer Jim Chalmers highlighted Shadow Treasurer Tim Wilson's own 2020 book, 'The New Social Contract,' which advocates for taxing labor and capital income equally and criticizes preferential tax treatment for established interests, aligning with Labor's proposed budget changes on capital gains tax and negative gearing.
India plans to abolish capital gains tax on foreign portfolio investments in government securities to boost inflows and support the rupee. This move follows India's inclusion in global bond indices and precedes a potential decision by Bloomberg on its inclusion in the Global Aggregate Index.
India is set to eliminate capital gains tax on foreign portfolio investors' holdings in government securities to attract overseas investment and cushion its economy from the Middle East crisis. The move, cleared by the Union Cabinet, aims to counter significant foreign capital outflows and rupee depreciation.
India's Union Cabinet recommended an ordinance to ease tax rules for foreign investors in certain securities, aiming to strengthen the rupee amid record FPI withdrawals and economic concerns.
