10 Common Tax Mistakes Made by Rental Property Owners
The ATO has published a list of tips that aims to help rental property owners avoid making some of the most common mistakes which are made when completing their tax. The avoiding these errors will help the property owner save money and time. 1. Keeping the right records Your client is required to have […]
Rents Across Australia Fall or Stagnate While Property Prices Rise
House and unit prices are currently at record levels in cities across Australia after rock-bottom interest rates and government stimulus provoked a rush of buying. This has coincided with government assistances such as JobKeeper and mortgage holidays helping prevent a wave of distressed selling during the peak of the covid-19 pandemic. The price of housing […]
Transferring Property Prior to Bankruptcy
Often, people with financial difficulties facing pressure from creditors will try to protect their property by transferring it to a spouse or family member to avoid the property forming part of the asset pool if the person later becomes bankrupt. The following options are available to bankruptcy trustees to recover property that was transferred by […]
The Reality of Build to Rent in Australia
The Build-to-Rent Property Model is Increasingly Garnering Interest From Property Developers Across the Country. Developers such as Grocon, Lendlease and Mirvac are all looking at implementing the model in Australia. Property finance experts Development Finance Partners have investigated the build-to-rent model in the context of Australia’s financial systems and taxations structures. The build-to-rent model is […]
GST Buying or Selling Real Estate
Whether a sale of property is subject to GST will be dependent on a number of factors. The sale of real property must be made in the course or furtherance of an enterprise before it is brought into the GST system. Summary of GST status for sale of real property.
Properties to Avoid
There are so many different types of properties that selecting one can be very confusing. There are however some specific property types I suggest you avoid altogether as they are simply a bad choice or are very high risk investments. Australia’s biggest Banks also have concerns with the majority of the below property types and will restrict lending levels on them.
Business Location
The physical location of your business can have a multitude of impacts in addition to obvious ones such as customer access and transport. Before you settle on a location, you need to be thoroughly aware of how and how much your location will impact your organisation.
Issues for Property Owners
Because property ownership is such an important issue for many people, we want to remind everyone of some recent changes to: The tax treatment associated with residential rental properties (e.g. travel deduction and depreciation changes); Withholding tax obligations on purchasers of property: 12.5% CGT withholding on the sale of any property for $750,000 or more […]
Can I have two PPR?
Capital Gains Tax (“CGT”) applies to the capital gain made when any capital asset is sold by a taxpayer, including land and buildings. In simple terms, the capital gain is the difference between the sales price (net of selling costs) and the cost price (plus stamp duty, legals and the costs of acquisition). You can […]
GST for property developers
When it comes to property developing, GST considerations are almost always present. The GST rules require you to register for GST if your annual turnover in the past twelve months or projected annual turnover in the next twelve months exceeds $75,000 at any point in time. Furthermore, you may want to voluntarily register so that […]