Log into Accountancy Group

Property

Business news and views from Accountancy Group

Is your family home really tax free?

The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple.

As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home,” and the Australian Taxation Office’s (ATO) interpretation of […]

By |4 July, 2024|Property, Tax|Comments Off on Is your family home really tax free?

5 million+ struggle with mortgage payments

New nationwide research released by ASIC’s Moneysmart reveals that 47% of Australian adults with debt, the equivalent of 5.8 million people, have struggled to make repayments in the last 12 months.

Alarmingly, the research revealed that more than half surveyed, said they are not aware that they are entitled to ask […]

By |4 June, 2024|Property|Comments Off on 5 million+ struggle with mortgage payments

The Controversial case of the taxpayer who claimed a loss on their home

A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction.

In this case, the taxpayer successfully […]

By |12 December, 2023|Property, Tax|Comments Off on The Controversial case of the taxpayer who claimed a loss on their home

Thinking of subdividing? The tax implications and pitfalls of small-scale subdivisions

You’ve got a block of land that’s perfect for a subdivision. The details have all been worked out with Council, the builders, and the bank. But, one important aspect has been left out; the tax implications.

Many small-scale developers often assume that their tax exposure is minimal – but this is […]

By |29 August, 2023|Property|Comments Off on Thinking of subdividing? The tax implications and pitfalls of small-scale subdivisions

Access to home guarantee scheme expanded to friends and siblings

From 1 July 2023, access to the Government’s Home Guarantee Scheme will be expanded to joint applications from “friends, siblings, and other family members” and to those who have not owned a home for at least 10 years.

The eligibility criteria for access to the First Home Guarantee Scheme and Regional First […]

By |8 May, 2023|Property|Comments Off on Access to home guarantee scheme expanded to friends and siblings

ATO Rental Property Blitz

The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses.

The ATO’s assessment, based on previous data matching programs, is that there is a tax gap of around $1 billion from incorrect reporting of rental property income and expenses. And, they […]

By |5 May, 2023|Property|Comments Off on ATO Rental Property Blitz

How high will interest rates go?

Low interest rates have been a mainstay since the global financial crisis of 2008. When the pandemic hit, Governments pushed stimulus measures through the economy and central banks reduced interest rates even further. Coming out of COVID, housing market demand was strong and prices boomed but at the same time, […]

By |15 November, 2022|Property|Comments Off on How high will interest rates go?

Should your SMSF buy property in the United States?

One of the most common questions from clients with a Self Managed Superannuation Fund (SMSF) is, can I buy property?  Followed by the second question, can I buy property in the United States?

SMSFs provide investment flexibility for those that understand the rules.  They can also be a significant liability if […]

By |16 May, 2019|Property|Comments Off on Should your SMSF buy property in the United States?

Landlords Beware: Key issues for property investors

Are you relying on negative gearing?
There has been a lot of negative conversation about negative gearing lately. But, if you are currently negative gearing your investment property, should you be concerned?

Negative gearing is when you claim more in deductions than you earn for an income producing asset that you have […]

By |12 July, 2015|Property|Comments Off on Landlords Beware: Key issues for property investors
Malcare WordPress Security