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Does Your Accountant Claim Scrapping after Renovation?Does Your Accountant Claim Scrapping after Renovation?

30/04/2024 admin 0 Comments

Scrapping is another benefit that comes from a renovation of your investment property. The removal and disposal of any potentially depreciable works of assets from an investment property can unlock additional deductions. The scrap[ping value is essentially the unclaimed or undeducted depreciable value of an asset at the time of{...}

Housing Property Accounting Property Capital Gains Tax

Property inheritance and capital gains taxProperty inheritance and capital gains tax

22/04/2024 Steven Rider CPA 0 Comments

Property inheritance is the transfer of property to an heir or beneficiary upon the death of an owner. There are various tax implications triggered when inheriting an investment property, particularly where capital gains tax (CGT) is concerned. In the instance that an inherited property is sold immediately, the tax implications{...}

Housing Property Capital Gains Tax

Property renovators could be taxed up to 47pc under new rulesProperty renovators could be taxed up to 47pc under new rules

22/04/2024 Steven Rider CPA 0 Comments

Property renovators and “flippers” who buy and sell for a quick profit could be taxed at their highest marginal rate of up to 47 per cent when selling houses after an Administrative Appeals Tribunal decision, lawyers say. This would also mean losing their capital gains tax discount of 50 per{...}

Property Accounting Property Capital Gains Tax Property Rental

Common tax traps for residential rental properties Common tax traps for residential rental properties

22/04/2024 Steven Rider CPA 0 Comments

Getting claims right is more important than ever with the ATO’s increased focus on residential rental properties. • 11 April 2024 • Steven P. Rider CPA As we approach the end of the income year, this is an ideal time to look at the traps that can trip up agents when preparing{...}

Property Accounting

Tax and your Australian Holiday HomeTax and your Australian Holiday Home

12/01/2024 admin 0 Comments

For many Australians, a beach house or a country retreat is the ultimate lifestyle purchase but given the potentially substantial costs involved, often the only way to make it pay is to rent your holiday pad out to the public for part or all of the year. Any income you{...}

Housing Property Accounting

GST May be Applicable on Property TransactionGST May be Applicable on Property Transaction

22/11/2023 Steven Rider CPA 0 Comments

GST at settlement may apply when buying or selling new residential premises or potential residential land. If your income making activities includes selling property and they make $75,000 or more in a year, even if it’s from a one-off property transaction, you need to register for GST. Once you are registered,{...}

Property Accounting

Tax Deductions for Vacant LandTax Deductions for Vacant Land

25/10/2023 Steven Rider CPA 0 Comments

The ATO has released Taxation Ruling TR 2023/3 setting out the Commissioner’s views in relation to the application of s. 26-102 of the ITAA 1997 which limits the deductions available for expenses incurred in relation to holding vacant land. The Ruling was previously issued in draft as TR 2021/D5. How s. 26-102 operates A loss or{...}

Property Rental

POST-SALE INTEREST FOR RENTAL PROPERTIESPOST-SALE INTEREST FOR RENTAL PROPERTIES

25/09/2023 admin 0 Comments

Post-cessation interest for rental properties (i.e., Loan Shortfalls) and the Vacant Land Rule In some circumstances, the sale proceeds from an income-producing property may not be sufficient to fully pay off the loan which the taxpayer borrowed for acquiring the property; which means the taxpayer will continue to be charged{...}

Airbnb Housing

New 7.5% Airbnb tax in VictoriaNew 7.5% Airbnb tax in Victoria

20/09/2023 admin 0 Comments

Andrews unveils 7.5pc Airbnb levy in housing shake-up The Victorian government has unveiled a “long-term” plan to improve housing supply and affordability in the state through 30 new initiatives, Premier Daniel Andrews has said. Among the initiatives is a target to build 800,000 new homes over 10 years – 80,000{...}

Airbnb Housing

Airbnb is an issue in the Sydney Rental MarketAirbnb is an issue in the Sydney Rental Market

20/09/2023 Steven Rider CPA 0 Comments

Prime Minister Anthony Albanese says it is unsurprising state governments are concerned about the explosion of short-stay accommodation and its effects on the supply of rental properties. Asked whether he supported Victoria’s potential levy on short-stay accommodation providers such as Airbnb and Stayz, Albanese said he hadn’t seen a specific{...}

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