SMSFs and Property Development have risks for Trustees
SMSFs can develop, or sub-divided property to sell or hold to rent out. Property Developments can help build wealth quickly for retirement.
12 February 2022
SMSFs can develop, or sub-divided property to sell or hold to rent out. Property Developments can help build wealth quickly for retirement.
Granny flats and ancillary dwellings have grown in style and versatility becoming an increasingly popular housing option as they allow families to downsize closer to their family and friends, and provide extra space for older children and extended family. In addition, provide potential cashflow investment options now or in retirement,
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 grandfather
Flipping houses can be a great way to make a living or a handy lump of cash quickly, however it involves Finding the right property Financing can be on a short-term basis Getting the number right Executing the makeover and selling in the shortest time possible Getting the right tax
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 rental income and claim expenses
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 grab from the uneducated aspiring property investors. Don’t get me wrong, there are
Brisbane’s housing affordability has improved over the most recent quarter due to increasing household incomes rising faster than dwelling values. Over the past decade, affordability has improved because household incomes have increased by 31.2 per cent while median values have increased by a lower 25.8 per cent,” the report notes.
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 their existing home, which they may not be able
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 foreign resident during the period of ownership (s 115-105 ITAA 1997). This applies irrespective of whether the
House & Land Development Tax Planning Opportunities Property development has become a way for mums & dads and the like to capitalise on their big backyards, with a small property development subdivision. Those with house lots over 1000m2 have opportunities to do their own development. Every State, Region in Australia
Buying the land next door can be a great idea to expand your wings while retaining the CGT Main Residence Exemption. We come across clients that have purchased the adjoining block of land, either at the time of the original purchase or some time later for various life style reasons
Generally we find if a client has held an investment property for a number of years and decides to sell there is the potential for a sizable capital gain and the inevitable capital gains tax to pay. However, we also find it is not uncommon for us when reviewing