A luxury property developer who caused a loss of $3.4 million to the Commonwealth through GST fraud has been sentenced to six years’ jail after an ATO investigation. Mr Ensor’s conviction came after an ATO investigation found he had structured his companies to fraudulently obtain GST credits and failed to
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
Most will be aware that the 2017 Federal Budget removed depreciation on fixtures and fitting included in a 2nd hand rental property, for example – carpets, window covers, hot water services, ovens, and the like, If purchased post the 9th May 2017. If you have owned an investment property prior
New Residential Developments Contracts from the 1st July will require the purchaser to pay the GST direct to the ATO. Why? (Phoenix Operators) The Government wants to prevent the loss of GST contributions from “phoenix” operators. Simply speaking, a phoenix operator would setup a company to complete a residential development
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
Yes, if you are carrying on a business of letting residential rental properties after the 1st July 2017. Generally speaking passive property investor can no longer can claim travel expenses from the 1st July 2017 to:- To collect rent Maintain the property Complete inspections Attend body corporate meetings All associated
Opportunity to help family member get into the property market. A child or grandchild may not qualify for a home loan in their own right, however the parents or grandparents don’t want to go guarantor, or want to ensure the child is able to make the commitment to purchase a
The introduction of an annual charge (called -a vacancy fee) of at least $5,500 on foreign owners of Australian residential real estate where the property is not occupied or genuinely available on the rental market for at least six months of a year. The main provisions that govern the liability
It is a widely recognised fact that capital gains tax (CGT) does not apply to a taxpayer’s main residence (PPR). What is less well known however is that the main residence CGT exemption can be extended to cover the time it takes to construct (or repair) that residence. In other
Property development could it be just a “mere realisation of an asset”? A “mere realisation of an asset” implies that the profits made are subject to capital gains tax with the benefit of the 50% discount, whereas otherwise would be seen as an enterprise, and subject to tax as
Airbnb and the like – There is estimated to be 115,000 properties listed across Australia in 800 towns and cities, generating $441 million in rental income in 2015/16 by 2.1 million people, averaging $119 a night, according to report by Deloitte Access Economics which was commission by Airbnb. So how
