Rental Property Rules Changed 1 October 2015

Just a reminder that new property rules have come into effect from 1 October 2015 and the biggest impact is the addition of a “capital gains” tax on properties if you buy and sell within a 2 year time-frame. There is a main home exemption, however this can also fall under the new rules if you’re regularly upgrading. It is best to check with us BEFORE you make any decisions about ... More

Topics: Rental Property Tax Compliance Family Home

Posted 19/10/2015

Thinking of Turning Your Home Into a Rental Property?

There are a few things to consider before you jump in and make this happen. Ownership structure, tax implications and debt allocation are the main factors - if you don't get these right from the start they can affect you negatively for several years, you could end up paying extra income tax when really there is no need to! By talking with us first, together we can work out: Whether you're bett... More

Topics: Rental Property Family Home Structures

Posted 30/10/2014 – Updated 22/12/2014

Do I Have To Pay Tax On My Home If I Sell It?

If you have a property that is your family home this is excluded from the income tax rules, so there is no tax payable on the sale of it. However if a person has a regular pattern of acquiring and disposing of, or building and disposing of dwellings (which are their family home) income tax will likely be payable. A regular pattern would need to be more than 2 or 3 times. More

Topics: Tax Compliance Family Home Guides

Posted 8/10/2008

Using Your Home As Your Office

You are allowed to claim a proportion of your home costs for running your business from home. The percentage claimable is worked out based on the area of your office divided by the area of your home - for example say your office is 15sqm and your home is 100sqm then 15% of your costs are claimable. So keep all of your home costs, invoices and statements including rates, power, mortgage interest, r... More

Topics: Claimable Expenses Business Record Keeping Tax Compliance Family Home Guides

Posted 7/10/2008