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  • Rebuilding after a natural disaster

    If you have clients who have been affected by natural disasters and are thinking about rebuilding or selling their homes or businesses, let them know if there are any tax implications.

    When your clients are ready, conversations about affected property could include:

    • whether assets are income-producing or not
    • if capital gains tax (CGT) applies to property or assets
    • how insurance payouts affect tax on different types of assets
    • repairs and depreciation
    • tax treatment for primary producers for disaster relief payments, grants or subsidies.

    Rebuilding

    The government has recently changed legislation to allow working holiday makers to help with rebuilding homes, fences and farms, including demolition work and land clearing.

    Your clients need to beware of businesses doing the wrong thing and know what to do. Find out how to engage builders and contractors and protect yourself against rogue operators.

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    Last modified: 24 Mar 2020QC 61909