ATO’s continuing focus on trust property developers In recent years, the ATO has focused on trusts developing and selling properties as part of their normal business. When these developed properties are sold, some trusts incorrectly claim a 50% CGT discount. Editor: See also TA 2014/1 – Trusts mischaracterising property development receipts as capital gains. As […]
Property Sales and Rental Income Data Matching
Running your business from home
Register of Foreign Investment in Agricultural Land
Register of Foreign Investment in Agricultural Land From 1 July 2015 all foreign investors who hold interests in agricultural land must register those interests with the Australian Taxation Office (ATO) regardless of the value of that land. The ATO will collect information such as the location and size of property and size of interest acquired […]
ASIC warning on buying property through an SMSF
ASIC warning on buying property through an SMSF ASIC is aware that there has been a sharp rise in promoters recommending investors either set up or use and existing SMSF to invest in property. S.911A of the Corporations Act 2001 (Corporations Act) requires any person carrying on financial services business in Australia to hold an […]
Taxpayer slugged for GST on proceeds they didn’t receive
Taxpayer slugged for GST on proceeds they didn’t receive This is the sad tale of a taxpayer who sold a property, didn’t receive the full proceeds of the sale but still had to pay the taxman the GST as if they had received the full amount. There’s a salient lesson here for us all about […]
Mixing Property and Your Self-Managed Super
SMSF Property Rules You can only buy property through your SMSF if you comply with the rules. The property: Must meet the ‘sole purpose test’ of solely providing retirement benefits to fund members Must not be acquired from a related party of a member Must not be lived in by a fund member or any […]
What can a SMSF Invest in?
What can a SMSF Invest in? Investing through your SMSF is a tax-effective way to create wealth. Income from your SMSF (including capital gains) is taxed at concessional rates, so you should end up saving more money for your retirement. But before you start anything; before you decide whether or not investing in property through […]
What are the benefits of negative gearing?
What are the benefits of negative gearing? Positive gearing occurs when you receive more in rent from your tenants than what you pay on the likes of loan repayments, interest, property maintenance and rates. This tends to happen at times when rents are high due to strong demand and interest rates are low A negatively […]
PAYG withholding variations
PAYG withholding variations PAYG withholding variations PAYG withholding variations should be used when the payee (the person receiving a payment) wants to reduce their withholding rate for the year ending 30 June. If this is you, please read further or call the office. The main purpose of varying your rate or amount of withholding is to make […]
Receiving a windfall
Receiving a windfall When receiving a windfall, i.e. an inheritence, gambling or monetary gift, the best way to use your windfall is to repay debts that you may have. An action plan for windfalls Seek professional advice on taxes and legal matters Deposit funds in insured bank accounts to ensure safety Don’t make any big […]
Salary Sacrifice Rental Property Expenses
Salary Sacrifice Rental Property Expenses Do you have a rental property? Have you thought about salary sacrificing your rental property expenses? Paying for rental property expenses from your before-tax income could result in significant tax savings- particularly if you are entitled to claim an immediate deduction in relation to an expense you have incurred for […]
