The following are trusted advisers that we recommend when you need property help with various matters to do with real estate.
For many Capital Gains matters, it is essential to organise a professional valuation that can provide you a cost base. Typical this may be needed when you are determining a value for a non-related transaction, change of use, estate planning, divorce or upon death.
Property, new or old, can, in many cases, obtain additional tax deductions based on the building and fixtures. A Tax Depreciation Schedule is a comprehensive report that outlines a property’s historical construction costs and asset values, as well as an annual value for their depreciation due to ageing and wearing out. A Tax Depreciation Schedule can also be called a Capital Allowance and Tax Depreciation Schedule. These guys do a great job:
Brett understands the intricacies of Property and is highly recommended when it comes to property law.
Sometimes you may choose to elect to move from your home in the city to your holiday home. Under Australian Taxation Law, you are only allowed one property to be nominated as your PPR – Primary residence to be exempt from Capital Gains Tax. In doing so, you may need to update the rates and land tax details – follow this link for more details.
We are also here to help you with all your property needs, from tax through to structure.
Many clients are unaware of the cgt implications surrounding their home and estate planning. Capital Gains Tax can be planned for, and we recommend that you discuss your strategy with Geoff. Many taxpayers will be sitting on substantial gains. If your business holds business real property, there may be an opportunity to explore transferring or selling to your SMSF.