Tax, Business,
Superannuation and
Retirement Planning Specialists
Superannuation and
Retirement Planning Specialists
In an article I posted on the site back in July I warned members of a pseudo-death duty imposed by the banks in the form of requiring probate to be obtained. This occurs when shares are owned by one member of a couple in their own name, that are worth more than $15,000, and the surviving partner or spouse wants…
Australia’s love affair with property is well known. We have one of the largest percentages of home ownership in the world. When it comes to investing a negatively geared property has long been a preferred investment. Many people find it hard to go past the security that bricks and mortar offer. Unfortunately there are many myths about what tax advantages…
In a recent article I advised of the importance of obtaining a depreciation report from a quantity surveyor. The cost of these reports can vary greatly so you should shop around. You should also ensure the person preparing the report is suitably qualified and a member of a relevant professional body. Q. Instead of engaging a quantity surveyor, can we use…
Whether someone is classed as an Australian resident for tax purposes has a major effect on what they pay tax on and at what rate. By the flood of questions sent in from readers both here and overseas the matter of residency causes many problems. Because of the complexities in this area, and because every case is judged on its…
The residency of a person dictates how their income is taxed. But the residency tests used by the ATO are different from Australian citizenship tests. Under income tax law whether a person is a resident is decided by a series of tests. The first of those tests requires a person to have resided in Australia continuously for a period of…
In most cases the only taxes property investors have to deal with are income tax and capital gains tax. There are however some situations where a knowledge and understanding of the GST rules is required. Q. What are the GST consequences of someone building a new residential property to sell? Would your answer vary if the property in question was…
Investing in property can bring many rewards. Where gearing is involved the losses can help reduce income tax. This benefit can come at the cost of a significant drain on cash flow depending on the tax rate of the individual and what type of property has been purchased. The choices for investing in direct property are between buying a new…
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