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...
Secondary Dwelling 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...
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...
The Tasmanian Government has introduced measures to:
amend the Land Tax Act 2000 (Tas) to, among other things, introduce a 2% foreign investor land tax surcharge for residential land acquired on or after 1 July 2022. Note: the measures will not apply to principal residence land held by foreign persons or to commercial residential properties such as hotels, boarding houses, housing provided by educational institutions, residential care facilities and retirement villages; and
amend the Duties Act 2001 (Tas) to, among other things, clarify that commercial residential properties such as hotels, boarding houses, housing provided by educational institutions, retirement villages etc are not subject to the Foreign Investor Duty Surcharge (FIDs) – with effect from 1 July 2018 (the date the FIDS commenced). They also introduce duty surcharge relief for Tasmanian-based foreign developers that build at least 50 residential dwellings in Tasmania over a 12 month period.
The amendments to the Duties Act 2001 will also clarify that for the purposes of the application of the FIDS to SMSFs and testamentary trusts that members of SMSFs have a beneficial interest in the assets of the fund and beneficiaries of testamentary estates have a beneficial interest in the assets of the trust.
