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...
GST Margin scheme guidance enhanced after user mistakes
If you sell or develop the property, you may be eligible to use the margin scheme, reducing the amount of GST payable on some property transactions.
However, the ATO says it has noticed errors in the two key parts to the margin scheme that taxpayers must get right – eligibility and calculation.
It has therefore improved its web content, which includes new videos, updated examples, and a link to the GST property decision tool
Do I have to pay tax if I sell the backyard off?
GST for those in the business of renovating to sell houses
Property GST – Margin Scheme – Tug of War – Sellers & Buyers
GST Example House & Land Project – Excel Spreadsheet
