Individuals Personal income tax cuts Date of effect1 July 2020 Tax thresholdsTax rateCurrentFrom 1 July 2020From 1 July 20240%$0 - $18,200$0 - $18,200$0 - $18,20019%$18,201 - $37,000$18,201 - $45,000$18,201 - $45,00030% $45,001 -...
New tax laws were proposed as part of the 2018 federal budget to deny tax deductions on the costs of holding vacant land, that has now been passed and come into effect from the 1st July 2019. These new laws apply regardless of when the land was held, (no...
Recently the ATO has publicly advised of a number of instances whereby property developers were jailed for GST and tax payable on property flipping.One, in particular, involved a Victoria woman who has been jailed for 2 years and 10 months for GST fraud of $1.7...
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...
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...
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...
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...
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...
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...
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...
