Investment Property

May 2021 Newsletter

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  • It’s getting very close to the business end of the financial year, so we have gathered some tax planning tips that could set you up for a better tax outcome. And as that outcome can be ruined by having to deal with an excess super contribution charge, we look at how best to avoid it.
  • The ATO has tightened the evidence requirements for real property valuations for SMSFs, so we look at how to keep your fund compliant, and also bring some good news with the recently launched SME Recovery Loan Scheme, plus an expansion of the ATO’s independent review service.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

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April Newsletter 2021

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  • It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However some of these amounts may be used in other calculations, and may therefore need to be included elsewhere in your tax return.
  • The Australian Government has made changes to the ATO’s insolvency framework to help more small businesses restructure and survive the economic impact of COVID-19.
  • Most people think of retirement as a time to put your feet up and relax, but it can also be a time when pre-retirees and retirees alike actually need to flex the grey matter.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

Click here to download the latest newsletter

Yorkshire Brewery Progress Update 7

Yorkshire Brewery Progress Update 7 150 150 Lanteri Partners
YORKSHIRE BREWERY - PROGRESS UPDATE 7 - STRUCTURE -
 
Click the PLAY BUTTON ABOVE to view the time-lapse video and see the latest progress of the Yorkshire Brewery.
Lanteri Partners GroupSMA
      

Yorkshire Brewery Progress Update 6

Yorkshire Brewery Progress Update 6 150 150 Lanteri Partners
YORKSHIRE BREWERY - PROGRESS UPDATE 5 - STRUCTURE -
Click the PLAY BUTTON ABOVE to view the time-lapse video and see the latest progress of the Yorkshire Brewery.
Lanteri Partners GroupSMA

Yorkshire Brewery Progress Update 5

Yorkshire Brewery Progress Update 5 150 150 Lanteri Partners
Title
Progress has continued at a rapid pace at Yorkshire Brewery with the structure of both basement levels now completed. Traditionally the completion of the ground floor slab is a milestone achievement within the construction process which has now been formed with concrete poured in some areas. The structures of the Mill Building and Yorkshire Buildings will soon commence followed thereafter by the construction of the Silos building. Recent media coverage has also highlighted the impending commencement of the heritage restoration works. The brew tower will soon be surrounded by scaffold inside and out to allow for the restoration of the brickwork and roof structure. Exciting times ahead!
Leader Newspaper Link
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Lanteri Partners GroupSMA

Yorkshire Brewery Progress Update 4

Yorkshire Brewery Progress Update 4 150 150 Lanteri Partners
Title
Progress has continued at a rapid pace at Yorkshire Brewery with the structure of both basement levels now completed. Traditionally the completion of the ground floor slab is a milestone achievement within the construction process which has now been formed with concrete poured in some areas. The structures of the Mill Building and Yorkshire Buildings will soon commence followed thereafter by the construction of the Silos building. Recent media coverage has also highlighted the impending commencement of the heritage restoration works. The brew tower will soon be surrounded by scaffold inside and out to allow for the restoration of the brickwork and roof structure. Exciting times ahead!
Leader Newspaper Link
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Lanteri Partners GroupSMA

Yorkshire Brewery Progress Update 3

Yorkshire Brewery Progress Update 3 150 150 Lanteri Partners

Progress Update 3 – Basement Excavation

Construction is well on the way down at Yorkshire Brewery in Collingwood. One crane is up, and there is only a small portion of dirt left to be removed. With the major basement demolition, earthworks and piling completed the basement retention walls are almost finished. Preparation for the level 2 basement slab is underway, with the initial drainage works beginning soon. Once completed, the slab for basement level 1 will be poured and services integrated. With the introduction of a second crane within the next few weeks, from there it is out of the ground and up! The Heritage buildings will be the first to begin due to the significant restoration works needed, and then construction on the three main towers will begin.

For more information on this exciting development please contact Nina Mizzi on (03) 9650 3722.

Yorkshire Brewery Progress Update 2

Yorkshire Brewery Progress Update 2 150 150 Lanteri Partners

Progress Update 2 – Pilings

With demolition works now completed all attention has turned to the construction of the development. The first step is to construct and excavate the basement which covers most of the site. Two piling rigs were floated onto the site to commence the basement permitter piling which involves drilling out 600-700mm bored piers to the depth of the basements and then inserting reinforced steel cages into the hole and then filling with concrete. All bored piers are then finished off with a top capping beam which outlines the extent of the perimeter of basement. Next excavation of the soil and the construction of the basement walls are to be completed.

 

For more information on this exciting development please contact Nina Mizzi on (03) 9650 3722.

CGT exemption for two homes

CGT exemption for two homes Lanteri Partners

It is generally accepted that an exemption to capital gains tax (CGT) applies to the family home, or “main residence”, and the exemption usually applies for only one home at any given time. But there is a rule that allows for a taxpayer to have two main residences and still maintain that CGT-free status for both premises for a temporary period.

Known as the “six month rule”, this states that two properties can be claimed as a main residence at the same time where a taxpayer acquires a dwelling that becomes their new main residence before they dispose of the original. This is a sensible allowance for an overlap of periods in which a taxpayer can claim exemption from CGT for two properties — one newly acquired and one that is to be sold. Selling the old house may take longer than six months, but the CGT exemption only holds for that long. The Tax Office cannot extend this concession.

It is available for the earlier of; six months after taking ownership of the new house, or when you transfer ownership of the old house. However there are two prerequisites to qualify — the old house must have been your main residence for at least a continuous three months in the 12 months before transfer; and if it was not your main residence for any of that time it can’t have been used to produce income.

Yorkshire Brewery Progress Update 1

Yorkshire Brewery Progress Update 1 150 150 Lanteri Partners

Progress Update 1 – Demolition

The site offices were set up with all SMA staff relocated to Collingwood. The 71 ton excavator, or Demolition Rig, one of only two in Australia, was then assembled onsite by 2 cranes. Demolition of the silos commenced shortly thereafter taking approximately 6-8 weeks. In total ten silos tubes, or two rows of five, were brought down. Next the remaining stair, as shown in the time-lapse video, had to be demolished manually with hand held concrete saws and then craned down piece by piece. Internal scaffolding was erected inside the Brew tower whilst the attached subsidiary building were removed. This was an arduous process as there was large volumes of asbestos to be removed. Once complete the beautiful and iconic Brew tower was freed up, marking the beginning of its new lease of life. Stand by for further updates…

For more information on this exciting development please contact Nina Mizzi on (03) 9650 3722

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