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27

October

Flipping Properties – What are the tax issues to consider!

Flipping Properties

Flipping houses
can be a great way to make a living or a handy lump of cash quickly, however it
involves

Finding the right propertyFinancing can be on a short-term basisGetting the number rightExecuting the makeover and selling in the shortest time possibleGetting the right tax outcome is critical to your net return!

What is Property Flipping?

What is Property Flipping?

Flipping a property is buying at one price, then doing a strategic makeover to sell quickly for a higher price.

Buy-to-sell (BTS)

To some property flipping is trying to buy at a big discount to

Read more
October 27, 2019 No Comments Capital Gains, Property Advice, Property Taxation, Small Business, Tax Planning
Top 10 Rental Property Tax Return Mistakes

07

September

Top 10 Rental Property Tax Return Mistakes

After 20 years plus of preparing rental property tax returns, I’ve come up with my list of the “Top 10 Rental Property Tax Return Mistakes”.

1. Co-owned properties – Apportioning expenses and income

If you own a rental property with someone else, you must declare rental income and claim expenses according to your legal ownership of the property.

As joint tenants, your legal interest will be an equal split (50/50), any expenses paid by either joint tenant is assumed to be paid on behalf of both equally, regardless of

Read more
September 7, 2019 No Comments Capital Gains, General, Property Advice, Property Taxation, Tax Planning

20

July

Property Spruikers & Investment Seminars

Property Spruiker Seminars do your own research.

With interest rates so low, and property prices in many capital cities have come back in value, coupled with rising rents in selected areas. Property Spruikers are coming out of the woodwork to make their perennial cash grab from the uneducated aspiring property investors.

Perennial Cash Grab by Property Spruikers

Don’t get me wrong, there are great opportunities to invest in property, if you can’t find a cash flow positive rental property at the moment, then you aren’t looking hard enough. As with all investments, returns,

Read more
July 20, 2019 No Comments Capital Gains, Property Advice, Property Taxation, Tax Planning

22

April

Single Baby Boomers Sharing a House:- Living Far Better for Far Less in Retirement.

Single Baby Boomers Cooperative Living

Emerging trends

Some single baby boomers are using their home as a money box to sell up, pool resources and move in together.

Cooperative living for older people is a well-established
movement in countries such as the US and many European countries, with some
people successfully living together for decades.

In Australia it is only beginning to become popular. There
are more single women living on their own than men. Women make up nearly 30% of
women aged 64-75 living on their own compared with 18% of men.

Frequently the family home is

Read more
April 22, 2019 No Comments General, Property Taxation, Tax Planning

17

March

Selling off the backyard, to help fund staying put, any tax issues?

Subdivide the backyard

We are getting a number of inquiries from people living on large blocks of land, (i.e.) 800m2 plus in suburbia, or areas surrounding, looking to subdivide for various reasons some of the lands, to help fund things like:-

major renovations to their existing home, which they may not be able to afford otherwise, so they can stay put.build their dream home, without having to move from the area they know and love.unlock equity from their home, to fund retirement, without having to move, or consider a reverse mortgagefund holidays, health

Read more
March 17, 2019 No Comments Capital Gains, General, Property Taxation, Tax Planning

02

March

Property Investor Leaving Australia – Non-Resident Tax Law’s Effect You?

No CGT discount for non-residents,
however former Australian residents will get a pro-rata discount.

From 9 May 2012, the 50% CGT discount allowed for gains made by individuals is reduced for any periods in which the taxpayer has been a foreign resident during the period of ownership (s 115-105 ITAA 1997). This applies irrespective of whether the asset is held directly or through a trust. For these purposes, a foreign resident includes a temporary resident.

The method of calculation varies
according to when the asset was acquired. For example:

If a resident holds an asset as at 8 May 2012, but

Read more
March 2, 2019 No Comments Capital Gains, Property Taxation, Tax Planning

29

January

Jail for Property Developer, after $3.4m GST Fraud

A luxury property developer who caused a loss of $3.4 million to the Commonwealth through GST fraud has been sentenced to six years’ jail after an ATO investigation.

Mr Ensor’s conviction came after an ATO investigation found he had structured his companies to fraudulently obtain GST credits and failed to report property sales to avoid paying GST, causing a loss to the Commonwealth of $3.4 million.

Failed to Report GST on Sales while claim GST to fund developments

Between 2008 and 2011, Mr Ensor lodged false BAS statements on behalf of nine companies

Read more
January 29, 2019 No Comments Property Taxation, Tax Planning

22

September

House & Land Development Tax Planning

House & Land Development Tax Planning Opportunities

Property development has become a way for mums & dads and the like to capitalise on their big backyards, with a small property development subdivision. Those with house lots over 1000m2 have opportunities to do their own development.

Every State, Region in Australia has minimum lots sizes depending on zoning.

See:- Brisbane City Council – Selected Zones and minimum lot sizes

Zone
Zone precinct
Front lot (m2)
Rear lot (m2)

Low density residential
–
450
600

–
400 (small lot)
600

Low density residential around centres*
–
300 (small lot)
600

Character residential
Character
450
600

Infill housing
300
450

Low-medium density residential
2 storey mix
260
350

2 or 3 storey mix
260
350

Up

Read more
September 22, 2018 No Comments Capital Gains, General, Property Taxation, Tax Planning

05

August

2nd Hand Rental Property Depreciation Opportunities post 9th May 2017

Most will be aware that the 2017 Federal Budget removed  depreciation on fixtures and fitting included in a   2nd hand rental property, for example – carpets, window covers, hot water services, ovens, and the like, If purchased post the 9th May 2017.

If you have owned an investment property prior to 7.30pm on 9th May 2017 (2017 Federal Budget Announcement), you weren’t effect by the changes, and as such still able to depreciate  any 2nd hand fixtures and fitting already in the property.

Opportunities  to look for in a
2nd hand properties

Read more
August 5, 2018 No Comments General, Property Taxation, Tax Planning

09

July

2018 Individual Tax Deduction Checklist

2018 DEDUCTIONS FOR SPECIFIC INDUSTRIES AND OCCUPATIONS

Please see below our 2018 Individual Tax deduction Checklist. You may be able to claim deductions for expenses that directly relate to your work as an employee. To claim a work-related deduction:

you must have spent the money yourself and weren’t reimbursed
it must be directly related to earning your income
you must have a record to prove it.

 

2018 WORK-RELATED EXPENSES GUIDES

The following guides for 2018 specific industries and occupations will help you to correctly claim the work-related expenses you are entitled to:

Adult industry workers
Australian Defence Force

Read more
July 9, 2018 No Comments General, Tax Planning
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Recent Blog

  • Flipping Properties – What are the tax issues to consider! October 27, 2019
  • Top 10 Rental Property Tax Return Mistakes September 7, 2019
  • Property Spruikers & Investment Seminars July 20, 2019
  • Brisbane House Prices one of the most affordable across Australia June 10, 2019
  • Single Baby Boomers Sharing a House:- Living Far Better for Far Less in Retirement. April 22, 2019

Shailer Park

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