Capital Gains Tax on Deferred Property Settlements over 12 months A recent ruling on Capital Gains Tax on Deferred Settlement over 12 months by the ATO TD 94/89 has clarified a position in relation to capital gains tax – when a contract for sale has a deferred settlement period, this
Land Tax Shock is a real concern, particularly with individuals working overseas for a number of years and being deemed Absentee for land tax assessments. What is Land Tax? Land Tax is a state based tax calculated on the freehold land value (Taxable Value) you own in Queensland as at
GST Margin Scheme for Property Developments Under the margin scheme, GST is calculated on the sale as 1/11th of the margin. The margin is the GST inclusive sale price less the original purchase price, whereby previously GST was not able to be claimed. Unit Development under construction The Margin Scheme is
Rental Property Tax Returns – Be Prepared: What you need to bring to your tax return appointment. If your’re coming in soon to discuss completing your rental property tax returns, please see the following to help ensure we can get the most effective result for you. What to consider? Here
Government has introduced new legislation to levy an additional land tax on vacant residential properties. This tax will be the first of its kind in Australia.
Under the proposal, owners of residential real estate in inner city or “middle areas” of Melbourne are to inform the State Revenue Office if
Starting with the Victorian Budget on 5 May 2015, the majority of states in Australia have implemented surcharges on foreign investors in the residential property markets. Below are tables that will assist you in understanding the new surcharge for each state that has changed in recent memory. Most recently, Queensland
The ATO has issued a media release warning taxpayers not to make incorrect tax claims for rental properties, particularly holiday homes. Compliance is a problem in this area where deductions for holiday homes are claimed even if the property is not genuinely being rented out. Home owners can only claim
CGT discount increased for affordable housing investors From 1 January 2018, the capital gains tax discount will be increased from 50% to 60% for resident individuals who invest in affordable housing. This measure was included as part of the housing affordability section of the 2017/18 Federal Budget. The conditions to
Foreign and temporary tax residents will not be able to claim the CGT main residence exemption from budget night 2017 (7:30pm AEST on 9th May 2017). However existing properties held prior to this date will be allowed an extension until 30th June 2019 to still claim the main residence exemption.
I see merit in the the principal of “non commercial losses”, that losses could be quarantined, carried forward to be used when property investments are profitable / commercial. This would be in keeping with the idea that property is a longer team investment, and less a short term speculative investment
In many of Brisbane’s older suburbs land was subdivided into 16 perch blocks (ie.404 m2) and homes were built sometimes on just one of them or sometimes across two, three or even four of them. In these latter cases these homes usually only have one title document but because they
The average Southeast Queensland backyard is being split at a rapid rate by “mum and dad” investors. The Courier Mail has revealed the number of lots being approved for subdivision in Southeast Queensland has doubled in the past 5 years. Subdivision of lots approved have increased from 9332 in 2012
