Umbrella Property Accountants
Our vision is to ensure every Aussie household is provided with the best property knowledge and tax advice to make informed property investments to fund their future.
Meet Garry Wolnarek
Garry Wolnarek founded Umbrella Accountants on a belief most accountants don’t act on: your accountant should be building your next thirty years, not just reporting on your last twelve months. He works with business owners and property investors who are good at making money but want to be just as good at keeping it — coordinating tax, structure, finance, and estate planning so that the wealth they build today becomes wealth their family keeps for generations. Property has long been at the heart of his work, guiding everyone from first-home buyers to seasoned investors in buying, selling, and developing with confidence — and that same discipline extends to the businesses that fund it all. Unbiased by design, with no products to sell, Garry offers something rarer than advice: genuine stewardship, with everything under one umbrella.
- Bachelor of Business in Accounting from Monash University
- Fellow of the Institute of Public Accountants (FIPA)
- Public Practice Certificate
- Registered Tax Agent for over 25 years
Looking to build wealth and fund your lifestyle through property investment or development?
Umbrella Property Accountants specialise in all property-related tax and accounting matters and draw on Garry’s 25+ years of property tax experience.
The three critical steps to developing a sound, tax-effective property investment strategy are outlined below.
We provide objective, unbiased property and tax advice with no hidden commissions or kickbacks from developers or promoters.
3 Critical Steps
- 01. What Property Investments or Development Strategies to Follow
- 02. What Tax Structures Should Hold My Property Investments
- 03. What Tax & Estate Planning Should I Consider
What do I need to consider to get started?
Strategy
Three Priority Wealth Strategies
– There are three main strategies you can use!
Buy & Hold
Rental Property Investor
Buy, Develop & Hold
Rental Property Passive Developers
Changing from a Buy, Develop & Sell
Buy, Develop & Sell
Accidental Developers – Mere Realisation
Property Developers Enterprise
Each strategy will have differing time-frames, intentions and tax implications and opportunities to consider.
Taxes may be on Capital (CGT) or Revenue (Ordinary Income) Accounts.
If on a Revenue Account there may also be a taxable supply for GST, requiring GST Registration and GST Margin Scheme and consideration.
Structures
Tax Structure for holding properties to invest or develop?
There are several ownership and tax structures available, each with different implications for asset protection, estate planning, income distribution, and the eventual sale of property.
Individuals
Joint tenancy, tenancy in common, and co-ownership agreements.
Partnerships
A combination of individuals, trusts, companies, and SMSFs.
Trusts
Discretionary trusts, fixed or hybrid trusts, with or without foreign resident beneficiaries.
Companies
Tax planning considerations for directors and interposed entity shareholders.
Self-Managed Super Funds (SMSFs)
Suitable for up to six family members, with considerations for succession planning, asset protection, and multi-property bare trust arrangements.
Property Developments via SMSF
Joint venture agreements can be used where two or more parties combine financial, managerial, and technical expertise to develop or redevelop a property or project.
Tax Planning
Tax opportunities to consider?
Depending on your investment strategy, intentions, time frames, involvement and tax structure used, will collectively decide the tax planning opportunities we can use.
Smart Property Taxpayers will understand and model the different tax treatments to decide which strategy and tax structures will be used to build their net after-tax wealth to fund their lifestyle income goals.
Profits / Gains
On Sales could be on Revenue or Capital Account
Development Costs
Could be on Revenue or Capital Account
State Stamp Duty & Land Taxes
Purchase and holding costs will be assessed by the Tax Structure and location (state) holding the properties
Goods and Service Tax (GST)
If using an investment strategy – Buy, Develop & Sell.
Mere Realisation – ABN not subject to GST
Enterprise Developers – ABN, GST, Margin Scheme
Capital Gains Tax (CGT)
Time, Involvement, intentions, changed intentions, and tax structures, impact if gains are subject to CGT or ordinary income.
Buy & Hold or Buy / Develop & Hold Strategies
Failing to Plan is Literally Planning to Pay MORE TAX!
Are you planning on paying more taxes on your property investments? Pay your tax, but don’t tip!
Before investing or developing property, it’s critical to consider your intentions, strategy, time frames, and tax structures. Together they will form the foundation of your property wealth journey.
Your ability to plan and grow your wealth while minimising taxes will depend on getting good tax advice from accountants that specialise in and love property like you.
We’d rather look for tax opportunities than deal with the tax consequences of poor understanding or implementation of your intentions, strategy, and tax structures. Getting it wrong will cost you time, money and energy to recover.
(Wealth creates time, and taxes will reduce that time).
If and when the ATO ask questions – they have already formed an opinion on the tax outcome, it’s up to you to prove an alternative tax treatment.
You must keep good notes and paper trail that support your intentions and stated preferred tax position.
When helping your kids into a home financially see Gary first! It has been my nightmare for 6 years. Then along came Gary & one visit with him and I have a clear path out of this mess. This man is a gem among stones. I went to him for my tax return.
While there I told him about my horrid situation. My son could not afford a loan in his own rite so I bought the house for him with the intention of transferring it to him at the earliest opportunity. Easy according to my mortgage broker. A conversation I have had with a financial advisor, 2 brokers, 2 banks & multiple lawyers since. None were helpful. In fact their advice made my situation worse.
I am staring at a huge CGT bill. Don’t get caught with “Love & Affection transfers” either. Gary’s advice is giving me a clear path to hope & resolution. He really knows his stuff and I recommend those looking to help their kids see Gary first. Start with an informed, qualified person not those willing to gloss over the pitfalls you will definitely come up against for their own end.
Book an Appointment with Garry, Property Tax Specialist
- Rental Property Tax Returns
- Develop a Property Strategy
- Property Tax Structures
- Property Accounting & Tax Advice
- NDIS SDA Property Tax Advice
- SMSF Property Setup
- Deceased Estate Properties
- Foreign & Expats Property Advice
- GST & Margin Scheme Advice
