25 Bell Street WOODY POINT
3 Bed  |  1 Bath  |  1 Car
$337,990

Absolute Bell Ringer...

The owners of this property mean business! and will look at all serious offers placed on paper. This beautiful 3 bedroom home is located in one of the best streets in Woody Point and is surrounded by recently renovated homes.

The home features, a recently renovated kitchen, polished floors and large bedrooms with built-in robes.

Brodie Rosel  | 0426262116

35 Intrepid Court NEWPORT
6 Bed  |  4 Bath  |  2 Car
Auction On Site 28th January at 12.30pm

The White House - Iconic Newport Waters Prestige Canal Estate

Exclusive residence that offers the potential for the most exciting canal lifestyle opportunity.

Featuring 6 Bedrooms and separate Games room and self contained Granny flat this architecturally designed property can cater for a resident that is looking for unique privacy and space.

Trent Ryan  | 0421 217 574

49 Southerden Street SANDGATE
Bed  |  Bath  |  Car
Price Upon Application

Ideal Opportunity to Value Add

This iconic independent local service station presents a great opportunity for the savvy business person. Purchase the free hold and business, then expand the current services to include a larger mechanic workshop, or a tyre Retail Centre (the local area only has one outlet).

Click to view our other Commercial Sites For Sales

Trent Ryan  | 0421 217 574

210 Anzac Avenue KIPPA-RING
Bed  |  Bath  |  Car
Price Upon Application

Exposure Plus

Dont miss this well positioned premises opposite the busy Aldi Supermarket and visible from Anzac Avenue

# Heaps of options
# Close to Kippa-Ring Shopping Centre
# Air conditioned office
# Car parking
# Get your business Going Strong

Call John Today to discuss your ideas

Click to view our other Commercial Sites For Lease

John Harmer  | 0407 945 956

PROPERTIES to be AUCTIONED:-

18 Isobel St, CLONTARF

37/43 Brisbane Crescent, DECEPTION BAY

191 Margate Parade, MARGATE

3/10 Robertson Ave, MARGATE

803A/99 Marine Parade, REDCLIFFE

1/130 Prince Edward Parade, SCARBOROUGH

6/186 Prince Edward Parade, SCARBOROUGH

At the end of 2011 the Australian Taxation Office added a document to its website called Guide to Property.  Below is an over view from their website or  for more information visit www.ato.gov.au .

Your home is generally exempt from tax. If you have an investment property, build or renovate for profit, or use a property in the running of a business, there may be implications for income tax, capital gains tax and goods and services tax (GST).

Your home

In most cases there are no tax implications for the home that you live in, and no tax implications when you sell it. This situation may change if you rent out part of your home or use it for work, or it's on more than 2 hectares of land. If you're saving for your first home, you may be eligible for government contributions to help you build your savings quickly.

Inheriting a dwelling

There are usually no capital gains tax implications at the time you inherit a dwelling. Capital gains tax may apply when you subsequently sell or otherwise dispose of the dwelling.

Residential rental properties

If you rent out property to others, you must declare the income in your tax return, and you can claim tax deductions for many of the related expenses. You may have to pay capital gains tax when you sell the property.

Vacant land

Vacant land is generally a capital asset that is subject to capital gains tax. However, if you purchase the land for resale to earn a profit, or use the land in a business-like way, it is considered trading stock. In this case you treat proceeds from the land as ordinary income, and you may need to register for GST.

Subdividing

If you subdivide land - including if you subdivide land adjacent to your home - the subdivided land will generally be subject to capital gains tax. However, if you purchase land to subdivide and resell for a profit, or use the subdivided land in a business-like way, the proceeds may be treated as ordinary income and you may need to register for GST.

Property development, building and renovating

If you build new residential premises for sale, you'll be liable for GST on the sale and entitled to claim GST credits for related purchases. If you renovate a property and sell it for a profit, there could be implications for income tax, capital gains tax and GST.

Property used in running a business

If your property is used to run a business - whether it's commercial premises like a shop or office, or even your own home - there will be income tax implications while you own it and capital gains tax implications when you sell. You may also be liable for GST, and entitled to claim GST credits, when you buy, sell, lease or rent commercial premises.

People fall into the trap everyday as it is very easy to lose your main residence capital gain tax (CGT) exemption.

It may be only a partial loss but the trouble is the record keeping required for the whole period of ownership. Section 110-25(4) of the 1997 Income Tax Assessment Act allows ownership costs including rates, insurance, interest, repairs and maintenance (i.e. cleaning) to increase the cost base of a property purchased after August 20, 1991. So if you’re caught by any of the following it’s time to get a big box and keep everything, even the light globe receipts.

Your property won’t be fully covered by your main residence exemption if any of the following apply.

1)      You didn’t move into the house as soon as practical after settlement. This means the next weekend, unless you’re hospitalized.  If there’s a tenant in the property after settlement, then unfortunately the property can never be fully covered.

2)      Your partner moved in for a while and they also own a house. As a couple you’re only entitled to half a main residence exemption each. If you maintain separate homes and just visit that’s fine, but if your partner rents out their house and makes your place their home then you can wither cover one or the other fully or half each for that period of time. If it’s your place you live in, unlike your partner, you won’t quality to reset the cost base to market value at the point in time that it becomes exposed to CGT. Instead the whole gain from day one has to be apportioned.

3)      You aren’t a resident of Australia when you purchase your home if your home, work etc is overseas then you can’t establish your main residence while visiting here on a holiday. This is the case even if you’re an Australian citizen.

4)      The property becomes income producing while you’re living there. For example, a friend stays and gives you some money that exceeds the cost of their share of food and utilities.

5)      You owned the land on which your house is built for longer than four years before building, or didn’t move into the house as soon as it was completed, or covered another property with your main residence exemption while you owned the land.

6)      You subdivide your block, build a new house on the back for yourself then sell off the front house with the full CGT exemption. Your new house will only be covered from the time you moved in if that wasn’t on or before the sale of the old house, or six months before the old one was sold if you were living there when the old one was sold.

7)      If the property is accidently destroyed then rebuilt by the insurance company you must move back in as soon as the certificate of completion is issued or you’ll lose your main residence exemption on the property for the whole period you owned it up to the time you finally move into the rebuilt house. This applies even if it was your home for 20 years prior.

Information from Australian Property Investor Magazine February 2012 by Julia Hartman