What are the tax and investment considerations for a Granny Flat above versus a Tiny Home below? Income Tax Return Reporting - Income Streaming Tiny Homes Tiny home ownership does not have to follow the ownership interest of the underlying property ownership. For...
Secondary Dwelling From December 2023 the Victorian Government has passed planning changes to make it easier to build Granny Flats - or "small secondary dwellings", on existing homes. The Victorian Premier Jacinta Allan revealed that planning permits will no longer be...
The ATO is particularly targeting property investors that are not using the help of a specialist property tax accountant like Umbrella Property Accountant, due to the high error rate being discovered from ATO Audits. The ATO Audits into self-preparers have uncovered...
| Using Business Assets Personally
While your business might own some tempting assets, be careful when making use of these for your personal enjoyment, as this could trigger a tax liability. Changing Business Structure And if you are considering changing the structure of your small business, a new measure means you might in certain instances no longer trigger CGT. |
| SMSF – Binding & No-binging death benefit nominations?
SMSF trustees note; it is essential that you know the difference between a binding and a non-binding death benefit nomination, so we run over what these mean. Business Succession Plan And speaking of legacies, every successful business owner should ideally have a succession plan in mind. |
| Travel Expense & Living Away From Home Allowance?
We also look at travel expense claims, how these differ from the living away from home allowance, and also how the ATO is getting help from insurance companies to uncover undisclosed wealth. |
| Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter. |