Investment Property

October 2021 Newsletter

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In this issue:

2021 has been, even more so than 2020, the year of working from home for so many of us – but what are the tax implications of using your home as a place of business? Turn to page 3 of our October newsletter to find out.

On the subject of homes, we also cover off what happens when multiple children inherit multiple rental properties – and how to solve the issue of co-owning a property with others. We’ve also got two articles on superannuation – our leading story examines the implications of compensation payments for super fund trustees, while on page 6 we outline the process for SMSFs having to use SuperStream from 1 October for certain contributions and rollovers.

Finally, October means that it’s almost that time of year again – Christmas, as your local supermarket will no doubt be reminding you soon – and our final story looks at the tax treatment of gifts and events in the workplace context.

‘Need to knows’ for October

  • The ATO is now closely reviewing arrangements where Australian resident taxpayers fail to declare foreign income and may conceal the character of the funds by disguising them as a purported “gift” or “loan” from a related overseas entity.
  • It’s also important to be aware of the CGT consequences of using part of your home as a place of business during the current pandemic – and the potential application of the CGT small business concessions to eliminate, reduce or roll-over any partial CGT liability that may arise.
  • In SMSF news, individuals who receive compensation payments from financial institutions and insurance providers may have the amount count towards their superannuation contribution caps, depending on the circumstances in which the payment is received.
  • Individuals can now recontribute amounts they withdrew under the ‘COVID-19 early release of superannuation program’ without them counting towards their non-concessional cap.

August 2021 Newsletter

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In this issue:

  • With reforms to superannuation – including for SMSFs – on the horizon, our leading article covers what’s coming, including more accountability for funds and flexibility for super holders.
  • We’ve got two articles to help you understand how trusts work: ‘Trust distributions’ goes through the different roles involved in a trust, while ‘Trust losses’ explains what constitutes a family in the context of a family trust election.
  • If you’re one of Australia’s two-million-plus rental property investors, our article on capital works deductions is a must-read, and if you’re among the 90% of Aussies who participate in a rewards program, our final article clarifies some of the rules that apply to your points collection.

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

Click here to download the latest newsletter

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.

Click here to download the latest newsletter

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

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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

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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!
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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

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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

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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.

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