Claiming deductions in relation to a holiday home
Maximising Holiday Home Deductions A Guide to Valid Rental Expenses Taxpayers should remember that they can only claim deductions for holiday home expenses to the extent they are incurred for the purpose of gaining or producing rental income. They need to consider the following in determining whether the deductions they wish to claim are valid […]
Property investor common tax traps
ATO warns property investors about common tax traps In 2019/20, over 1.8 million Australians owned rental properties and claimed $38 billion in deductions, so the ATO is reminding property investors to beware of common tax traps that can delay refunds or lead to an audit costing taxpayers time and money. The most common mistake rental […]
Rent or lease payment changes due to COVID-19
Rent or lease payment COVID-19 changes The ATO has provided updates regarding the tax implications when a landlord gives, or a tenant receives, rent concessions (such as waivers or deferrals of rent) as a result of COVID-19. For example, the ATO provides the following advice for tenants that have received a rent waiver. If the […]
ATO property data-matching programs
New ATO data-matching programs involving property The ATO has advised that it will engage in two new data-matching programs dealing with property transactions, as follows: The ATO will acquire property management data from property management software providers for the 2018/19 through to 2022/23 financial years (relating to approximately 1.6 million individuals); and The ATO will […]
Getting the margin scheme right
The margin scheme may allow a property owner to pay less GST when they sell the property Rather than paying 1/11th of the total sale price, sellers may be able to pay 1/11th of their margin on the sale. If a property owner wants to use the margin scheme when selling property, they must be […]
Property inspections – are physical inspections necessary?
COVID-19 and tax depreciation reports Where a physical inspection of premises is not performed, this increases the risk of deductions being missed or errors being made. Property investors and businesses will often engage a specialist quantity surveyor to prepare a tax report on capital works and depreciation deductions available to them under the tax law […]
HomeBuilder
Economic Response to the Coronavirus HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. HomeBuilder will assist the residential construction market by encouraging the commencement of new home builds and renovations. You will be able to apply for HomeBuilder when […]
Real estate insight from Charlie Ball, Elberton Property
Rapid change gives rise to new breed of real estate agents Omnis Real Estate’s Managing Director Justin Flavel CPA talks with Licensed Property Valuer and Developer, Charlie Ball, from Elberton Property in Subiaco, Perth. Elberton Property is a private property development and project management business founded in 2006 by Charlie Ball. Infilling development sites within […]
Writing on the wall for more real estate disruption
Purplebricks’ market exit only opens the door to newer players If you believe the demise of Purplebricks in Australia is due to the market not wanting or accepting a cheaper alternative to real estate agents, then you are totally incorrect. Purplebricks have openly said they didn’t execute their plan well and they expanded way too […]
Business Focus on Real Estate Agencies
What the changing business landscape means for real estate It’s a fact that our business environment is changing significantly, and the real estate sector is no exception. Pick up any newspaper and you’ll read headlines like, “Basically the minimum wage: What real estate agents really earn”, “King Kong Signs Real Estate Disrupter Purplebricks”, or “Why real estate agents suffer […]
