Capital Gains Tax (CGT) Renting Principal Home ?

Umbrella Accountants – Property Accountants Brisbane If you rent out your principal place of residence that was acquired after the 20th September 1985, there may be a CGT issue to consider! Properties purchased before 20th September 1985 will not be subject to...

Can CGT be applicable to a Pre 1985 Residential Property – Yes

Umbrella Accountants – Property Accountants Brisbane Renovations completed after 1985 can be deemed to be a separate asset to the original property, and hence CGT will be applicable. Example John & Mary purchased a residential property in 1984 for $195K to...

Property GST – Margin Scheme – Tug of War – Sellers & Buyers

The Margin Scheme came about so those in the business of selling real property only paid GST on the Buy / Sell Margin – if they weren’t able to claim GST when they purchased the real property now that they are on selling. The purchaser however cannot then claim...

Rental Property Repairs – Claimable Now or Later?

In general you can only claim for wear or damage caused during the period the rental property was rented or available for rent – however the timing of the expense can be during or after the period – provided it relates to wear or damage through rental...