by Garry Wolnarek | 20 Apr 2021 | Property Advice, Property Taxation
GST Margin scheme guidance enhanced after user mistakes If you sell or develop the property, you may be eligible to use the margin scheme, reducing the amount of GST payable on some property transactions. However, the ATO says it has noticed errors in the two key...
by Garry Wolnarek | 27 Oct 2020 | Insights, Property Advice, Property Taxation
Property Landscaping Tax Deductions? A common question asked by clients! Landscaping work How do I treat for tax the cost of landscaping to improve the value of a property? Landscaping is an improvement to the property and therefore not deductible under section 8-1....
by Garry Wolnarek | 8 Jan 2020 | Capital Gains, Property Advice, Property Taxation, Tax Planning
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...
by Garry Wolnarek | 14 Dec 2019 | General, Property Advice, Property Taxation, Tax Planning
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...
by Garry Wolnarek | 27 Oct 2019 | Capital Gains, Property Advice, Property Taxation, Small Business, Tax Planning
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...
by Garry Wolnarek | 7 Sep 2019 | Capital Gains, General, Property Advice, Property Taxation, Tax Planning
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...
