Property - Poor date records - No record of third element costs and a change of circumstance occurs permitting this basis - s118-192 to reset the costbase not applied or incorrectly applied - CGT costs prior to s118-192 added to costbase - No record of cgt costs for buying and selling factored into calculations (if permitted) - Pre-1997 property. Owner incorrectly addsback QS deductions to costbase - Main residence exemption applied incorrectly (several ways) - Main residence choice when not entitled - Spouse / partner etc both claim a main residence - Errors re ownerhip on title. ie TIC 21/99% and tax reporting is 50/50. Legal ownership is ignored to produce a tax benefit - Reported when settled - Fail to consider other exemptions eg compulsory acquisitions, marital split - Fail to consider small business for fear that the taxpayer operates a business when they have a company and this does not trigger a issue - Lack of records eg Estimates are used. Fails substantiation in a audit - Selling off part of the lot on which the main residence is sited. This is NOT tax free. - Claiming 100% of foreign tax credits when a sale of foreign property is taxed in that country. Only 50% may be eligible. Shares and other investments - Failure to adjust costbase for return of capital, deferred distributions and AMIT adjustments incl in tax reports - Use of the cash basis for ETF and managed funds (trusts / stapled sec etc) - Not using annual tax report data for ETF and managed funds (trusts / stapled sec etc)
