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...
ESSs are a way for startup business to attract and retain high-quality staff they may not otherwise afford – by giving a share in the company’s potential succes, and as such allow them to have skin in the game.Under the current rules employees can become liable for significant tax based on the value of the shares or options in the year of issue, even if they don’t earn any income or before this value is realised by sellings. One online retailer executive described the present structure as being “like paying tax on the winnings of the lotto tickets before you win the lotto”.
It is worth noting the current ESS rules allows employees that are subject to the discount up-front, the concession to exempt from income tax the first $1,000 of shares scheme interests given to an employee who earns less than $180,000 a year.
The proposed changes are planned to grant shares or rights after July 1, 2015, to be taxed when they are exercised rather than when they are received. (currently draft legislation only)