by Financially Sorted | May 30, 2024 | ATO, EOFY, Property Investment, Tax Returns
The Australian Taxation Office (ATO) are looking closely at expenses related to rental property including interest apportionment for private expenditure, depreciation for initial repairs and other capital deductions, and borrowing expenses. Avoiding these common...
by Financially Sorted | Apr 1, 2024 | Land Tax, Property Investment
Navigating the intricacies of Land Tax can often feel challenging for property owners. As jurisdictions impose varying regulations and rates, understanding your obligations can be a daunting task. With concerns mounting over escalating land tax liabilities, it is...
by Financially Sorted | Feb 1, 2024 | Land Tax, Property Investment
Summary of State Taxation Acts and Other Acts Amendment Act 2023 Local Government Act (in force from 13/12/2023) Amends the definition of “Capital Improved Value” to be the same definition as in the Valuation of Land Act (which has also been amended to include...
by Financially Sorted | Nov 30, 2023 | Land Tax, Property Investment
Owning your own home is every Australian’s dream. Owning a holiday home has also been a dream for many. Well, it certainly was. With various changes over the years to land tax rules, it’s also now becoming a very expensive dream. In saying that, the Victorian...
by Financially Sorted | Sep 1, 2023 | ATO, Property Investment, SMSF, Tax & Accounting
Once again, the ATO has targeted SMSF property development schemes that divert profits of a property development project to a SMSF. This time, the focus is on using a special purpose vehicle (SPV), which the SMSF directly or indirectly owns. It appears that some SMSF...
by kirstyb | Jul 11, 2023 | ATO, EOFY, Finance, Property Investment, Tax & Accounting, Tax Returns, Uncategorized
At Financially Sorted, we understand that navigating the complexities of tax time can be overwhelming. That’s why we’re here to help you make the most of your tax benefits and ensure compliance with the Australian Taxation Office’s (ATO) regulations....
