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 threshold value determined by each state or territory. The tax applies to investment properties, commercial land, and vacant
What are the tax and investment considerations for a Granny Flat above versus a Tiny Home below? Income Tax Return Reporting – Income Streaming Tiny Homes Tiny home ownership does not have to follow the ownership interest of the underlying property ownership. For example, the principal main property may be
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 required to build small secondary homes on their properties. “Too often,
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 nine out of ten tax returns reviewed were filed
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 Paradise as an example of the level
New Land Tax Thresholds – COVID-19 debt – land tax surcharge Landholdings between $50,000 and $100,000 will have to pay an extra $500 annual fee on top of the increased land tax levy. Landholdings between $100,000 to $300,000 will pay an extra $975 annual fee on top of the increased
The ability to borrow money and acquire property within the superannuation environment has seen the rapid rise of self-managed super (SMSF) to now be the largest sector of the superannuation industry (measured by funds invested), eclipsing both retail funds and industry funds. Buying property inside super is not for everyone
