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Real estate taxes you need to know about with Ewen Fletcher
Summary
Taxation is not a subject that most property people get excited about, but an increasing number of people have more than a passing interest in the topic, because of the recent introduction of a range of taxes from the state government that are reaching into the pockets of more and more property owners.
The expansion of land tax and the introduction of vacant land tax has many property owners and sellers scratching their heads trying to figure it all out. In this episode, I interview a local accountant and partner at Sharp Accounting Ewen Fletcher, to discuss all of these topics, along with some of the stamp duty concessions available to buyers. As always, this information is general in nature and should not be consider professional advice and you should speak to your own accountant or legal professional to understand your unique circumstances.
Takeaways
- Taxation is crucial for property investors to understand.
- Seek professional advice for specific tax situations.
- Capital gains tax applies to profits from property sales.
- Inherited properties have unique tax implications.
- Land tax is concern for some investors.
- The six-year rule can exempt certain properties from capital gains tax.
- Vacant land tax applies from 1st Jan 2025, get advice now.
- Windfall gains tax applies to rezoned land but there are exemptions.
- Stamp duty exemptions exist for first home buyers and downsizers.
- Planning ahead can help reduce capital gains tax liabilities.
- Legal advice is essential for navigating tax regulations.
Chapters
00:00 Introduction to Taxation in Property
03:03 Understanding Federal and State Taxes
06:01 Capital Gains Tax Explained
08:42 Inherited Properties and Capital Gains Tax
11:28 Planning for Capital Gains Tax
14:31 The Six-Year Rule for Principal Places of Residence
17:05 Land Tax: Current Trends and Implications
19:49 Land Tax Structures and Ownership
22:58 New Taxes: Vacant Land Tax
25:26 Understanding Win-Fall Gains Tax
28:02 Stamp Duty Exemptions and Considerations
Contacts:
Stone Real Estate Ballarat
Stu Brien
P: 03 5341 2200
W: https://www.stonerealestate.com.au
A: 513 Warrenheip St Buninyong 3357
Sharp Accounting
Ewen Fletcher - Partner
W: https://www.sharpaccounting.com.au
P: 03 5338 7100
View all episodes
By Stu BrienSummary
Taxation is not a subject that most property people get excited about, but an increasing number of people have more than a passing interest in the topic, because of the recent introduction of a range of taxes from the state government that are reaching into the pockets of more and more property owners.
The expansion of land tax and the introduction of vacant land tax has many property owners and sellers scratching their heads trying to figure it all out. In this episode, I interview a local accountant and partner at Sharp Accounting Ewen Fletcher, to discuss all of these topics, along with some of the stamp duty concessions available to buyers. As always, this information is general in nature and should not be consider professional advice and you should speak to your own accountant or legal professional to understand your unique circumstances.
Takeaways
- Taxation is crucial for property investors to understand.
- Seek professional advice for specific tax situations.
- Capital gains tax applies to profits from property sales.
- Inherited properties have unique tax implications.
- Land tax is concern for some investors.
- The six-year rule can exempt certain properties from capital gains tax.
- Vacant land tax applies from 1st Jan 2025, get advice now.
- Windfall gains tax applies to rezoned land but there are exemptions.
- Stamp duty exemptions exist for first home buyers and downsizers.
- Planning ahead can help reduce capital gains tax liabilities.
- Legal advice is essential for navigating tax regulations.
Chapters
00:00 Introduction to Taxation in Property
03:03 Understanding Federal and State Taxes
06:01 Capital Gains Tax Explained
08:42 Inherited Properties and Capital Gains Tax
11:28 Planning for Capital Gains Tax
14:31 The Six-Year Rule for Principal Places of Residence
17:05 Land Tax: Current Trends and Implications
19:49 Land Tax Structures and Ownership
22:58 New Taxes: Vacant Land Tax
25:26 Understanding Win-Fall Gains Tax
28:02 Stamp Duty Exemptions and Considerations
Contacts:
Stone Real Estate Ballarat
Stu Brien
P: 03 5341 2200
W: https://www.stonerealestate.com.au
A: 513 Warrenheip St Buninyong 3357
Sharp Accounting
Ewen Fletcher - Partner
W: https://www.sharpaccounting.com.au
P: 03 5338 7100