by Garry Wolnarek | 17 Feb 2018 | Capital Gains, Property Taxation, Tax Planning
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...
by Garry Wolnarek | 26 Jan 2018 | General, Property Taxation, Tax Planning
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...
by Garry Wolnarek | 19 Jan 2018 | Capital Gains, General, Insights, Property Taxation
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...
by Garry Wolnarek | 16 Dec 2017 | Capital Gains, Property Taxation, Tax Planning
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...
by Garry Wolnarek | 5 Nov 2017 | Capital Gains, General, Property Taxation, Tax Planning
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...
by Garry Wolnarek | 22 Oct 2017 | Capital Gains, Property Taxation, Tax Planning
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...