Umbrella Accountants are property focused accountants who can:
- Get you started in property development with best-practice accounting advice on how to reduce tax and holding costs, mitigate risk, and maximise tax returns.
- Foresee any property development tax traps including GST, income tax, land tax, and any cash flow issues before and after project stages.
- Manage all your property development accounting service needs, including rental property tax returns, setting up ownership structures for development projects, and advising on maximising tax deductions.
By talking to Umbrella Accountants, not only are you taking the first step to a better financial outcome, but you will also be protecting yourself from preventable traps that can cause a lot of loss of time and stress.
Common Tax Traps That Can Be Prevented
Umbrella Accountant’s principal, Garry Wolnarek, has worked as public practice accountant for over 21 years. He has witnessed tax traps that occur with property investment, and developed strategies to prevent his clients from falling into those traps.
Paying GST & Income Tax
Some first-time investors don’t realise that if the intent of the property purchase and sale is to make a profit, then they have to pay GST and income tax. These additional costs can really affect the bottom line of the development project.
Property Purpose Change = Capital Gains Tax
If the purpose of the property changes, capital gains tax may need to be paid on the value of the property.
For example, purchasing a property and renting it out for a few years, and then approaching the council to build four townhouses on the land. This is considered a change in property purpose, from a capital asset to trading stock, and capital gains tax will need to be paid on the value increase of the land.
There Are More Traps
These are just two common examples. This is why it’s worth receiving professional consultation from Umbrella Accountants. It can result in saving you $1,000s in tax.
Professional, friendly and practical advice
“Umbrella Accountants is a professional and friendly team that has a huge experience base. I’d recommend Umbrella Accountants to any person or small business seeking practical accounting advice.”
Joshua T Cocks - Owner & Manager of Brickfield Digital
Property Investment Accounting Services
Property Tax Returns
Rental property, development projects, and property investments all require annual tax returns. Umbrella Accountants specialises in property accounting and can provide this as a service.
Call today 07 304 00 304.
The company, Trust, and Business Registrations for Property Developers
Umbrella Accountants can handle all the paperwork of setting up and registering a new company, trust, business, and trading name for your project.
Call today 07 304 00 304.
Property Investment Consulting
Don’t get caught in the tax traps. Know what taxes are involved with property investment, and receive advice on how to minimise those taxes. Through pre-planning we can assist in reducing or eliminating:
- Income Tax
- Capital Gains Tax
- Land Tax
Consultation Report Includes
Most suitable ownership and loan structure for your situation
Strategy for you to reduce and eliminate tax costs
Maximise tax returns with deductions and depreciation
Assess if negative gearing is ideal for your situation
Identify any cashflow traps that may occur before and after-tax
Potentially saving you $1,000s in tax costs and also giving peace of mind.
Only $498 Inc GST
Why choose Umbrella Accountants for property investment advice & services?
Garry Wolnarek and his team are based in Brisbane and specialise in business and property accounting. Garry has over 25 years of experience in public practice accounting and has run his own practice for 21 years.
During the last two decades, Garry has processed thousands of rental property tax returns, watching the property market go through the highs and lows. His key takeaway is that a major component to successful property investment is considering that tax in the decision making process of buying, holding, and selling.
Bachelor of Business in Accounting at Monash University
Public Practice Certificate
Fellow of the Institute of Public Accountants (FIPA)
Registered Tax Agent
21+ years Public Practice Experience