Main Points Considered A New Zealand Citizen living in Australia, do they qualify for the First Home Owners Grant (FHOG) Also, can they qualify for the First Home Owners Stamp Duty Concessions What if they rent out the spare bedroom to help pay the mortgage? Scenario...
August 2016 Newsletter
Gumboots? check, Akubra? check, Tax status?……
Hobby Farming
It is true that small rural landholders may be pursuing “lifestyle” dividends rather than a genuine livelihood, but the options to claim the tax concessions for bona fide primary producers is still available, if eligible.
Australian Homeowner Moving Overseas and Selling Their Principal Place of Residence (PPR) – Avoiding a $295,200 CGT Bill
Principal Place of Residence Exemption Loss if Sold While Overseas Summary of how the Principal Place of Residence (PPR) Exemption is impacted by moving overseas. When Australian homeowners move overseas and become non-residents for tax purposes, selling their...
Understanding Land Tax in Australia
Picture of a vacant block of land to illustrate it may be subject to land tax What is Land Tax? Land tax is a state and territory-imposed tax on the unimproved value of taxable land owned by individuals, companies, and trusts. It is calculated annually based on a...
Easier for Victoricans to build Granny Flats from December 2023.
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...
Property Investors to ensure income and expenses are correct.
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...
Residential Rental Caps & Vacancy Taxes will help supply for tenants?
Gold Coast - Example of the Housing Rental Competing Forces Many Apartments are sitting empty most of the year, including an entire beachfront tower. Gold Coast mayor Tom Tate cited an entire high-rise sitting empty in the triple tower Jewel development at Surfers...
Victorian Labour Government Land Tax Hikes to push up Rents
Victoria was the most locked-down state in Australia, if not the world during Covid, resulting in the Victorian Government accruing over $30 Billion in debt to keep the doors closed. Victorian Statement Government wants to raise $8.6 Billion over the next 4 years by...
Joint Venture(JV) Tax Considerations for Property Developers
Joint Venture tax understanding for property developers in Australia Joint Venture Agreement What is a (JV) for Property Development A joint venture (JV) is a cooperative agreement between two or more parties in which all parties contribute their resources (such as...
Umbrella Accountants March 2022 Newsletter, Property / Business Tax Tips
NDIS / SDA Housing GST Considerations NDIS / SDA Typically these types of residential investment properties are built to a much higher standard, but can also attract much higher returns in the order of 10% plus compared to 5% plus you could aim for with a good typical...
NDIS / SDA Residental Investment Properties are GST Free – How?
National Disability Insurance Scheme What is the NDIS / SDA? NDIS The National Disability Insurance Scheme is a Federal Act developed in 2013 to allow people with a disability to exercise choice and control about matters that affect them- such as their housing....
Rapid Antigen Test (RAT) Kits are tax-deductible?
Yes can claim the tax deduction for money spent on a RAT kit in the following cases: 1. You are required to take a test before undertaking work (e.g., as a mandatory requirement under an employer’s COVID mandate), or2. You are required to travel for work interstate...