CGT, subdivisions and property development The income tax treatment of property development can be complex. Broadly, there are three possible tax consequences that could apply on the sale of a development: Where the developer is carrying on the development in the ordinary course of their business, the property will be treated as trading stock and […]
GOT A QUESTION?
Single Touch Payroll
From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report will also be extended to include certain salary sacrificed amounts. Employers with 20 or more employees have been required to […]
Investment Property Accountant in Melbourne specialising in those with investment properties and in the property development game. Question Can an individual claim rental property expenses paid in advance (by no more than 12 months in advance) for the year ended 30 June 2019 for items such as council rates, land tax, insurance even if there is […]
Property Tax Solutions a firm of Property Tax Specialists Melbourne sometimes get asked about the main residence absence provisions (sometimes known as the six (6) year rule and how it applies to a property that was your principal of residence BUT part of the property was used as a place of business. You might be […]
Security for an investment loan does not determine Deductibility of Interest. What makes interest deductible ? Some people get confused about the deductibility of interest – which is understandable. The security for a loan does not change the deductibility of interest for that loan. If I use my main residence as security and set up […]
Borrowing Costs Investment Properties
You can claim borrowing expenses greater than $100 over a five-year period or over the life of the loan whichever is the least. You can claim all the following borrowing costs stamp duty charged on mortgage (note this is not the stamp duty on purchase of the property) loan establishment fees title search fees charged […]
Section 118-145 of the Income Tax Assessment Act 1997 allows a taxpayer to keep treating their principal place of residence as their main residence while absent for up to 6 years if the property is being rented out. The extension is even longer if the property is not rented. The taxpayer could rent, negative gear, […]
Some non residents have positive rental income and want to make a contribution to superannuation and claim a deduction to minimise their overall tax position. Where the non resident provides a valid notice of intent to claim the deduction to the Fund and the Fund acknowledges receipt of this notice, the deduction is not more […]
LAND TAX ARREARS
Can I claim a deduction for land tax arrears in the income tax year in which the arrears where paid ?
No you must amend prior year returns if you want to make a claim for land tax assessed in a current year for previous years.Refer to ATO ID 2010/192
Accountants specializing in small to medium business owners focusing on property developers and property investors