Julia's Blog
By Julia Hartman
There are just so many tax traps when building a duplex that you must see a property savvy Accountant before you begin. These issues cover a common wall duplex through to building another house on your land by creating a battle-axe block, to looking at when you create two or more titles with a house …
After 3 days on a stand at the Cherie Barber Boot Camp I realised there are a lot of fundamental issues that are misunderstood by renovators so here are the basics. If you would like more we have a renovator’s booklet on our web site https://www.bantacs.com.au/booklets/Renovators.pdf 1) Borrowings – It is all about the link …
Obviously, you have to declare the income you receive and are entitled to claim expenses but the long-term consequences of a property earning income is capital gains tax (CGT) which means keeping records for the rest of the time you own it. This will even apply to your home in most circumstances. When the Property …
Before embarking on any year-end tax strategy it is first important to consider whether you are going to be in a higher tax bracket next financial year. Examples of how this could happen would be a capital gain because you are going to sell an asset or your pay may go up next year. If your tax bracket is going to be higher next year, then it may be better not to drag deductions from next year into this year or delay income from this year to next year…
Transferring Residential Property To Your SMSF If you own a property that you want to transfer to your SMSF the transaction must take place at market value but it must also be a property that is used “wholly and exclusively” in a business, though not necessarily your business. Commercial property is fine of course as …