by Garry Wolnarek | 26 Jan 2018 | General, Property Taxation, Tax Planning
The introduction of an annual charge (called -a vacancy fee) of at least $5,500 on foreign owners of Australian residential real estate where the property is not occupied or genuinely available on the rental market for at least six months of a year. The main...
by Garry Wolnarek | 19 Jan 2018 | Capital Gains, General, Insights, Property Taxation
It is a widely recognised fact that capital gains tax (CGT) does not apply to a taxpayer’s main residence (PPR). What is less well known however is that the main residence CGT exemption can be extended to cover the time it takes to construct (or repair) that...
by Garry Wolnarek | 5 Nov 2017 | Capital Gains, General, Property Taxation, Tax Planning
Airbnb and the like – There is estimated to be 115,000 properties listed across Australia in 800 towns and cities, generating $441 million in rental income in 2015/16 by 2.1 million people, averaging $119 a night, according to report by Deloitte Access Economics...
by Garry Wolnarek | 2 Oct 2017 | General, Property Taxation, Tax Planning
Land Tax Shock is a real concern, particularly with individuals working overseas for a number of years and being deemed Absentee for land tax assessments. What is Land Tax? Land Tax is a state based tax calculated on the freehold land value (Taxable Value) you own in...
by Garry Wolnarek | 7 Aug 2017 | General, Property Taxation, Tax Planning
Rental Property Tax Returns – Be Prepared: What you need to bring to your tax return appointment. If your’re coming in soon to discuss completing your rental property tax returns, please see the following to help ensure we can get the most effective result...
by Garry Wolnarek | 11 Jul 2017 | General, Property Taxation, Tax Planning
Melbourne taxable area The Victorian Government has introduced new legislation to levy an additional land tax on vacant residential properties. This tax will be the first of its kind in Australia. Under the proposal, owners of residential real estate in inner city or...