Inheriting a home or a legal interest in one could be the largest windfall gain that many Australians ever experience.
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If a child is under the age of 18, and they earn income on their savings account, remember that the ATO considers that the person who “owns” the interest depends on who uses the funds of that account (no matter what type of account it is or the name of the account holder).
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The ATO seems to be always looking over the shoulder of property developers to make sure they are complying with their tax obligations.
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