Here’s what you need to know. Own an investment property or an expensive lifestyle asset like a boat or aircraft? The ATO are looking closely at these assets to see if what has been declared in tax returns matches up. The Australian Taxation Office (ATO) has...
Property investors that choose to utilise their property for short-term stays (or leave it vacant) are firmly in the sights of the regulators. The Victorian Government’s recent Housing Statement announced Australia’s first short-stay property tax. The additional tax,...
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...
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...
One of TSP’s long term clients, aged 65 and retired, came to TSP for some advice relating to the sale of an investment property. The property had been owned for over 10 years with capital gains tax required upon its sale. TSP immediately conducted several...
