Property Tax Solutions in South Yarra, Victoria | Financial service

Property Tax Solutions

Locality: South Yarra, Victoria

Phone: +61 3 8080 9254

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• Tax preparation service
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• Financial service

25.01.2022 Mary sells some vacant land and doesn't pay GST but Bob sells some vacant land and does pay GST. This is why the Australian tax system is considered one of the most complex in the world. Mary purchased a vacant block of land in Sussex Inlet in 2008. She purchased it so the family could spend weekends there camping and using their trail bikes.... In 2020 a developer comes along and takes an interest in the block of land. Mary is approached by the developer to acquire her vacant parcel of land. Mary is currently not registered for GST and has never been registered for GST. During the time she has held the land she has made no improvements to the land, has never sought to improve the land or undertake any type of building or development on the land. So the question remains does GST apply to the sale of this vacant land ? For Mary it would be unlikely for GST to apply. However Bob purchasee the same size block next door to Mary with the intention of developing the broadacres over the next 10 years. Bob sells his vacant block of land to another developer. Bob does need to pay GST on his sale. Confused ?

14.01.2022 Question Are you entitled to a deduction for the cost of replacing the roof of your rental property as a repair? Answer... Yes. Your expenses meet the requirements in Taxation Ruling TR 97/23 and are deductible. Further information about repairs can be found by searching 'QC 23635 on ato.gov.au This ruling applies for the following period: Year ending 30 June 2021 The scheme commences on: 1 July 2020 Relevant facts and circumstances You purchased a rental property a number of years ago. The property is in your name. The property has been rented since you purchased it. When you purchased the rental property the roof was in good condition. Over the years the roof has deteriorated and it was identified by an engineer that it needed replacing. The original roof was made of iron and it has been replaced with Colourbond. Relevant legislative provisions Income Tax Assessment Act 1997 Section 25-10

09.01.2022 HUGE POTENTIAL TAX DEDUCTIONS FOR 2020 IF YOU ARE A SMALL BUSINESS Many people have heard about the $150k instant asset write off. Over the 2020 financial year it has changed quite a few times in fact. $25k, $30k and then $150k. But Michael I didn't purchase any new equipment during the 2020 financial year. But wait there is an opportunity.... As a small business entity you are eligible to have depreciating assets in what is known as a General Value Pool. It is quite attractive as it allows you to depreciate assets at 15% in the year you buy them (regardless of when you purchased them) and 30% thereafter. But for 2020 if the general value pool is less than $150k then you are able to claim a deduction for the entire balance of the pool. So technically assets which you purchased in prior years may be able to get a full tax deduction in 2020. Give us a call if you think this might affect you or we can simply take a look at your last years financials and what you purchased this year to see if you are eligble.

04.01.2022 Can Two Properties be Your Main Residence ? Yes it is possible but a few questions you will need to answer before determining whether it applies. 1. Have you purchased a property that will become your main residence and you currently have a property that is treated as your main residence ?... 2. Has the property that is currently being treated as your main residence been your main residence for at least 3 months in the 12 month period before it will end ? 3. During that 12 month period was that property not your main residence for any period of time ? 4. During that time was it rented out ? The answers to these questions will help determine whether you can two main residence at the same time