| GST and property |
| This guide will help you work out how GST applies to GST property sales and transactions. (NAT 72957) |
| Tax help for rental property owners affected by a natural disaster |
| The ATO is set to begin a mail out to more than 200,000 people who own a rental property that may have been affected by recent natural disasters. |
| 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 |
| Tax avoidance on property sales - don't risk it |
| Property developers who try and avoid declaring tax on the sale of property are more likely than ever to be contacted by the ATO. |
| ATO data match to identify people avoiding tax obligations |
| The ATO continues to identify people who deliberately under report income or participate in the cash economy to hide income and evade their tax obligations. |
| 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 |
| The GST and the margin scheme 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) |
| ATO warns retirement village operators about excessive GST claims |
| Tax Commissioner Michael D'Ascenzo today warned retirement village operators that the ATO will review arrangements where they sell services, such as electricity, to residents in an attempt to gain a tax advantage. |
| 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. |
| Expenses you can claim for your rental property at tax time |
| Investors are entitled to tax deductions for their investments. Knowing what those deductions are and how you claim them can save you from paying more than you should. |
| 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 |
| Rental property deductions |
| If you own an investment property now is a good time to start getting your tax records in order so you can claim rental property deductions this tax time. |
| Application to request an extension of time to seek agreement to apply the margin scheme |
| Use this form to apply to the Commissioner for an exercise of his discretion to allow an extension of time to seek a written agreement to apply the margin scheme 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 |
| If you open a first home saver account, we will add money to your account and tax your earnings at a low 15% to help you save for your first home. |
| 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. The NRAS offers tax and cash incentives to providers of new dwellings on the condition that they are rented to low and moderate income households at 20% below market rates. |
| 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. |
| 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 2010-11 |
| This guide explains how to treat rental income and expenses - including how to treat more than 230 residential rental property items. NAT 1729-6.2011. |
| Rental properties and other real estate |
| The key tax issues you need to be aware of when you acquire, own and dispose of a rental property. |
| 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. |