Property

This guide will help you work out how GST applies to GST property sales and transactions. (NAT 72957)

This is a introductory product to the margin scheme. The margin scheme is a way of working out the GST you must pay when you sell property as part of your business. NAT 73740

GST and the margin scheme

This guide outlines how you can use the margin scheme, how to apply it, the calculation methods, GST payable, eligibility, valuations, written agreements, record keeping and how to access more information. (NAT 15145)

GST and property adjustments

Clarifies the circumstances where a GST adjustment may need to be made during a property transaction and relevant supporting information. (NAT 73602)

Common GST errors and property

Covers common errors that may occur when for example, you claim credits for purchasing property, use the margin scheme, sell new residential premises or receive settlement adjustments. NAT 73112.

Property contract and tax invoice - GST checklist

This checklist is to assist property professionals, including solicitors and property conveyancers to correctly account for goods and services tax (GST) when preparing contracts and the issuing of tax invoices relating to the sale/disposal of real property. NAT 73917-11.2011

Application to request an extension of time to seek agreement to apply the margin scheme

Use this form to apply to the Commissioner for the exercise of his discretion to allow a further period within which to obtain a written agreement that the margin scheme applies to a property transaction.

CGT small business concessions tool

This tool will help tax agents to determine if an entity satisfies the basic conditions and is eligible for the capital gains tax (CGT) concessions that are available for small business.

Damaged or destroyed property

You may need to repair or replace your property after a disaster. You might receive an insurance payment to help you do this: this payment may affect your tax.

GST property tool

The GST property tool is an interactive decision making tool designed to assist tax payers and tax agents understand GST implications for any property related transactions.

Guide to first home saver accounts

How first home saver accounts work, including what's in it for you, who's eligible and how to use one.

Guide to property

Your home is generally exempt from tax. If you have an investment property, build or renovate for profit, or use a property in the running of a business, there may be implications for income tax, capital gains tax and goods and services tax (GST).

Inheriting a dwelling

There are usually no capital gains tax implications at the time you inherit a dwelling. Capital gains tax may apply when you subsequently sell or otherwise dispose of the dwelling.

Introduction to capital gains tax

Capital gains tax (CGT) is the tax you pay on a capital gain. It is not a separate tax, just part of your income tax. Selling assets such as real estate, shares or managed fund investments is the most common way you make a capital gain (or capital loss).

National rental affordability scheme - refundable tax offset and other taxation issues

The national rental affordability scheme (NRAS) is designed to encourage large-scale investment in affordable housing.

GST and property

This guide will help you work out how GST applies to GST property sales and transactions. (NAT 72957)

Margin scheme - made easy

This is a introductory product to the margin scheme. The margin scheme is a way of working out the GST you must pay when you sell property as part of your business. NAT 73740

Damaged or destroyed property

You may need to repair or replace your property after a disaster. You might receive an insurance payment to help you do this: this payment may affect your tax.

GST and the margin scheme

This guide outlines how you can use the margin scheme, how to apply it, the calculation methods, GST payable, eligibility, valuations, written agreements, record keeping and how to access more information. (NAT 15145)

GST and property adjustments

Clarifies the circumstances where a GST adjustment may need to be made during a property transaction and relevant supporting information. (NAT 73602)

Common GST errors and property

Covers common errors that may occur when for example, you claim credits for purchasing property, use the margin scheme, sell new residential premises or receive settlement adjustments. NAT 73112.

Property contract and tax invoice - GST checklist

This checklist is to assist property professionals, including solicitors and property conveyancers to correctly account for goods and services tax (GST) when preparing contracts and the issuing of tax invoices relating to the sale/disposal of real property. NAT 73917-11.2011

Application to request an extension of time to seek agreement to apply the margin scheme

Use this form to apply to the Commissioner for the exercise of his discretion to allow a further period within which to obtain a written agreement that the margin scheme applies to a property transaction.

CGT small business concessions tool

This tool will help tax agents to determine if an entity satisfies the basic conditions and is eligible for the capital gains tax (CGT) concessions that are available for small business.

GST property tool

The GST property tool is an interactive decision making tool designed to assist tax payers and tax agents understand GST implications for any property related transactions.

Guide to first home saver accounts

How first home saver accounts work, including what's in it for you, who's eligible and how to use one.

Guide to property

Your home is generally exempt from tax. If you have an investment property, build or renovate for profit, or use a property in the running of a business, there may be implications for income tax, capital gains tax and goods and services tax (GST).

Inheriting a dwelling

There are usually no capital gains tax implications at the time you inherit a dwelling. Capital gains tax may apply when you subsequently sell or otherwise dispose of the dwelling.

Introduction to capital gains tax

Capital gains tax (CGT) is the tax you pay on a capital gain. It is not a separate tax, just part of your income tax. Selling assets such as real estate, shares or managed fund investments is the most common way you make a capital gain (or capital loss).

National rental affordability scheme - refundable tax offset and other taxation issues

The national rental affordability scheme (NRAS) is designed to encourage large-scale investment in affordable housing.

Property development, building and renovating

If you build new residential premises for sale, you'll be liable for GST on the sale and entitled to claim GST credits for related purchases. If you renovate a property and sell it for a profit, there could be implications for income tax, capital gains tax and GST.

Property exemption tool

If you had sole or joint ownership of a property that you sold or are going to sell (or otherwise dispose of), this tool will help you work out what portion of your capital gain is exempt from capital gains tax.

Property used in running a business

If your property is used to run a business - whether it's commercial premises or your own home - there will be income tax and capital gains tax implications. You may also be liable for GST, and entitled to claim GST credits, when you buy, sell, lease or rent commercial premises.

Real property valuations

The Australian Valuation Office's (AVO) property valuation team has a vast range of experience and industry knowledge relating to the valuation of all categories of commercial, industrial, retail, rural and residential property.

Rental properties - avoiding common mistakes

There have been a number of common mistakes identified in the tax returns of rental property owners. To help you, we have compiled a list of what you should do and common mistakes to avoid.

Rental properties 2011-12

This guide explains how to treat rental income and expenses - including how to treat more than 230 residential rental property items. NAT 1729-6.2012.

Residential rental properties

If you rent out property to others, you must declare the income in your tax return, and you can claim tax deductions for many of the related expenses. You may have to pay capital gains tax when you sell the property.

Subdividing

If you subdivide land adjacent to your home, the new blocks will generally be subject to capital gains tax. However, if you purchase land to subdivide and resell for a profit, or use the land in a business-like way, the proceeds may be treated as ordinary income and you may need to register for GST.

Vacant land

Vacant land is generally a capital asset that is subject to capital gains tax. However, if you purchase land for resale to earn a profit, or use land in a business-like way, it is trading stock. In this case you treat proceeds from the land as ordinary income, and you may need to register for GST.

Your home

In most cases there are no tax implications for the home that you live in. This situation may change if you rent out part of your home or use it for work, or it's on more than 2 hectares of land. If you're saving for your first home, you may be eligible for government contributions.