Property

Back to Basics: Capital or Revenue

If you are making plans in relation to a property venture then it is crucial to understand what the taxation implications are for your project. One of the keys to the taxation consequences will be whether the project is on revenue account or capital account. Capital Account If the property is purchased (or a [...]

Back to Basics: Capital or Revenue2020-06-25T14:07:22+10:00

Australian Family Home For Foreign Residents – Recent Changes And What You Need To Know.

For the last 35 years Australians living overseas have been entitled to claim the Capital Gains Tax (CGT) exemption when they sell their previous (eligible) main residence in Australia. This all ended in May 2017 when the government announced changes to deny foreign residents access to the Capital Gains Tax main residence exemption. Due to intense criticism from [...]

Australian Family Home For Foreign Residents – Recent Changes And What You Need To Know.2020-02-06T10:19:53+10:00

Changing the face of men’s health

This November a number of the Hoffman Kelly men are taking part in Movember by growing moustaches for the month of November and raising money for this worthy charity. While we have received a largely positive and sometimes cheeky response from colleagues, clients and spouses, it is worth it as the money raised goes to [...]

Changing the face of men’s health2019-11-22T14:58:54+10:00

Vacant Land Deductions

In the recent 2018-19 Federal Budget, the Government announced that from 1 July 2019, it would deny deductions for expenses associated with holding vacant land. A common situation this applies to is the purchase of vacant land with the intention to build an investment property on, whereby typical holding costs such as interest, rates and [...]

Vacant Land Deductions2019-11-06T10:37:57+10:00

ATO PUTTING THE BLOWTORCH TO BUILDING & CONSTRUCTION CONTRACTORS

What is Happening? In recent weeks we have had first-hand experience with the ATO taking a much more aggressive approach to contractors with outstanding tax lodgements. This has been possible principally due to the use of the Taxable Payments Annual Report (TPAR). Author: Tom Aitkenhead TPAR is a report that those in [...]

ATO PUTTING THE BLOWTORCH TO BUILDING & CONSTRUCTION CONTRACTORS2018-12-05T13:49:51+10:00

How will My Property be Taxed in the Sharing Economy?

The sharing economy is continually evolving and growing. As the sharing economy grows in popularity, the tax issues arising are increasingly complex. We’ll explore in further detail the different tax outcomes for renting a property and car space. Author Matthew Yarrow Property Rental Income and Deductions (e.g. Airbnb) Income [...]

How will My Property be Taxed in the Sharing Economy?2018-12-05T13:50:04+10:00

Alert: Property Developers – Preparing for new GST withholding regime

Treasury Laws Amendment (2018 Measures No. 1) Bill 2018 received royal assent on 29 March 2018, flagging the start of a new GST withholding system significantly changing the way developers remit GST from 1 July 2018. Author Michael Kerwin Why? Treasury assessed, that through illegal phoenix activities [...]

Alert: Property Developers – Preparing for new GST withholding regime2018-12-05T13:50:21+10:00

Who is liable to pay annual vacancy fee (also known as ghost tax)?

Measures were introduced in the 2017 budget to assist with the supply of housing in Australia. The measures impose an extra fee on foreigners who do not either reside in, or rent out, their Australian properties. This is in response to a perception that there were too many of these ‘ghost’ properties. [...]

Who is liable to pay annual vacancy fee (also known as ghost tax)?2018-12-05T13:50:33+10:00

Purchasing New Residential Property? These Changes Could Affect You

The Federal Government announced, as part of the 2017/2018 Budget their desire to strengthen compliance of the GST Act on property transactions due to the view that some developers are failing to remit GST to the ATO. The changes would apply to purchasers of new residential premises and land in new subdivisions, whereby the purchaser [...]

Purchasing New Residential Property? These Changes Could Affect You2018-12-05T13:50:50+10:00

Lease Incentives and Their Tax Implications

With the commercial leasing market becoming increasingly competitive and supply often exceeding demand, it is becoming common place in many areas for landlords to offer incentives in order to secure tenants. Various incentives are offered to help entice potential tenants, such as rent free or discounted periods, free fitouts or contributions, covering of relocation [...]

Lease Incentives and Their Tax Implications2018-12-05T13:50:59+10:00