Property Tax Specialists can help those who’ve invested in property to maximise returns by minimising tax.
People who invest in property and want to make the most of their investments often have questions that go unanswered. These questions can surround aspects such as tax structures, capital gains tax, deciding between holding and selling, renting, cash flow, renovations, transferring property, going overseas and not to forget, minimising taxes. Property Tax Specialists specialises in answering questions in this realm and offers services to anyone seeking taxation advice, property investments or asset protection.
Who are the Property Tax Specialists?
Shukri Barbara, a certified public accountant with 30 years of relevant experience and qualifications, helms Property Tax Specialists along with a team of reliable associates. The core expertise of this business lies in advising investors about asset protection while also minimising their tax liabilities.
Shukri has a personal interest in property investment and development, so he focuses on helping clients maximise their opportunities. He puts his background in accounting and marketing to use when studying business and investment opportunities and his insights help his clients, as well as his own business. Shukri is an expert in his field and has appeared on Sky News a number of times as a guest of independent property expert Chris Gray.
All the taxation strategies that Property Tax Specialists suggest are perfectly legal and they’re centrally located in Chatswood, NSW, although you can contact them and use their services from anywhere in Australia.
- Your Investment Property Magazine’s Readers Choice Awards. In 2011 and 2012 Shukri Barbara, the owner of this business, won the ‘Tax Advisor of the Year’ award.
What services do Property Tax Specialists offer?
While you can use their services if you’re a property investor, they also offer services to homeowners, business owners, property developers, real estate agents, professionals and high net worth individuals.
- Capital gains tax is a complex tax which confuses many who own investment properties. Intricate taxation knowledge enables Property Tax Specialists to turn to strategies that give you access to perfectly legitimate capital gains tax savings. They can also help you maximise rental property deductions.
- As part of its asset management service it structures your financial affairs to keep you protected from any frivolous claims down the road. This ensures that you keep your family’s future secure.
- Access to the right tools enables this business to analyse aspects like cash flow and return-on-investment, allowing them to guide you to make the most out of your investments.
When you work with Property Tax Specialists, they ensure that all your documentation, as required by the Australian Taxation Office (ATO), is in order. In the event of an ATO query, they’ll provide suitable support. If and when required, they’ll also coordinate with other qualified professionals.
Benefits of using a tax specialist
Given that taxation is a vital part of owning property, knowing just what the process entails is important. If you don’t have the required knowledge, as is often the case, turning to a professional is your next best bet. A business like Property Tax Specialists only makes recommendations after understanding your individual situation, your goals and your risk profile. You can expect a tax specialist from Property Tax Specialists to explain the overall tax environment as well as specifics relating to your case.
As mentioned above, capital gains tax is a matter which can limit the profits you make from a property, so it’s wise to seek the services of an expert in the field to help minimise the amount of profit you lose through tax. Property Tax Specialists can help you navigate through this complicated area as well as help you with any other questions you might have relating to the disposal or treatment of a property.
Property Tax Specialists can assist you with matters of compliance, like preparing tax returns. They also provide periodical reviews and updates. Protecting your assets and planning towards minimum tax, as required by the law, remains their primary aim. All in all, if you own property, turning to a tax specialist like Property Tax Specialists can save you time as well as money.
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We built a three bed + study townhouse in the back of our property & are now looking at selling. We have lived in the front property on and off over the years & it has been rented in between times. We lived in the new townhouse for almost two years and it has now been rented for almost a year. We have not negative geared this property in any way as we have not lodged our tax return for the last financial year. If we sell the new townhouse do we pay capital gains tax?
Hi Sandi,
Thanks for getting in touch with finder. I hope all is well with you. :)
Based on your statement, it is more likely that you will pay Capital Gains Tax (CGT) especially if you made a profit from selling your property. Generally, if you are selling a primary residence, meaning you have lived there for more than two years, that’s when you get a CGT exemption. You can learn more about whether you would need to pay CGT or not and how you can lower your CGT through this guide.
You may also want to seek the help of a property tax specialist to obtain a more personalised answer.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I am an Australian citizen but non-resident. I have found that when I sell my investment property I am not eligible for the 50 percent reduction from May 8 2012. I am trying to get advice on the best course of action. Sell or hold on. As non-resident – if I put money into the house to improve it – is that a deduction against capital gains? Or does that only apply for residents?
Hi Lisa,
Thank you for your inquiry.
As we are not tax experts and can only offer a general advice, I’m afraid we may not able to provide you with a definite answer to your question.
Given the complexity of CGT, you’d be best to reach out to a tax accountant who is more knowledgeable and expert on getting strategies to help you save on paying capital gains tax when selling your investment property.
In the meantime, this article provides some guides on CGT when selling investment properties, which you might find useful.
Cheers,
May
My house is paid for. I put my son and daughters name on it. In my will I want to remove my sons name. How can I do that?
Hi Diane,
thanks for the question.
You might want to consult a legal representative about making this change to your will and any potential consequences it may have that you should consider.
Cheers,
Marc.
If I knock down my house that I have lived in for 10 years and build a duplex, then how is capital gains tax calculated when selling 1 duplex that is NOT my primary place of residence? please note if the original purchase price from 10 years ago is used as the cost base or is it the current home value (more than doubled) or if another method is used. I need to know so I can decide if it is worth building. Thanks
Hi,
Thank you for your comment on finder.com.au, a financial comparison website.
As we are a financial comparison website and not qualified financial advisors we are not able to offer specific financial advice however you can read through our page specific to capital gains tax or you can fill out the form above and a representative from Property Tax Specialists will be in touch with you shortly.
Regards
Jodie
Hi There,
I have an investment property which is rented out and has been since I brought it and I want to know how much capital gains tax I will have to pay on it when I sell it and how I can avoid this?
Thanks
Deborah
Hi Betty,
thanks for the question.
The amount of capital gains tax will be calculated using a number of factors. For more information read our guide on how to avoid Capital Gains Tax.
Cheers,
Marc.
I had to move away for business reasons so I had to rent my principal residence and only residence for 7 years In that time I was renting a home interstate for around the same rent I was receiving from my tenant, I am now back in my own property for 12 months, would I have to pay CGT on it If I sold it?
Hi Steve,
Thanks for your question.
If upon purchasing your property you moved in as soon as practicable, then you can nominate the dwelling as your main residence when acquired (this includes overseas property) – the condition is that no other property is nominated as your MR. This generally means it will be exempt from CGT.
You can use your main residence to generate income for a period of up to six years before it becomes liable for CGT.
For a more detailed discussion of your circumstances, please contact The Property Tax Specialists today.
DISCLAIMER
Readers should not act on the information above without obtaining professional advice relevant to their circumstances. It is intended as information only.
Hi Shirley, just saw your answer for Steve’s question. this is probably relate to me as well. I purchase a house on the 28th May 2013 and declared it as my main residence. and i rented out on the 5th Sep 2014 and it is still rented. i want to sell it in Oct this year. will it be treated as investment property and be charged for CGT? Thanks
Hi Jennifer,
thanks for the question.
For more information than Shirley’s reply to Steve, we recommend contacting the ATO or a qualified tax specialist. To speak to a qualified tax specialist, you can fill out the form on this page.
Cheers,
Marc.
We have owned an investment property for 16 years. If we sold Our own home and moved into the investment property, how long would we have to live there to negate CGT?
Hi Laurie,
Thanks for your question.
Unfortunately you won’t be able to negate CGT, CGT will be payable upon the period that it wasn’t nominated as your main residence.
For a more detailed discussion of your circumstances, please contact The Property Tax Specialists today.
DISCLAIMER
Readers should not act on the information above without obtaining professional advice relevant to their circumstances. It is intended as information only.
Hi,
I bought a property 20 years ago,and this year I demolished my old home which was my MR in order to build 3 dwelling units.
One of them will be my MR and other two I have intention to sell.
One of unit I would rent for 12 months and more and third one I would like to sell before ( after 6 months?) to decrease bank loan.
What I have to do to get 50% discount on CGT.
Thanks in advance!
Marko
Hi Marko,
Thanks for your question.
You need to have owned the asset for a period of at least 12 months to be eligible for the 50% discount on CGT.
Cheers,
Shirley
Hi Shukri,
We own a property overseas and had lived in it for the past 18years. We rented out since May 2009. We came to OZ on work visa 457 and bought a property in Melbourne and live since Oct 2009. For CGT purpose, do we have the option to choose which property is to be our Main residence? We intend to return back to our country once the contract ends.
Hi Dave,
Thanks for your question.
Please note that finder.com.au is an online comparison and information service and does not represent the Property Tax Specialists.
If you’d like to submit an enquiry directly to Shukri, please use this form.
All the best,
Shirley
Hi Scott,
Thanks for your question.
Please note that finder.com.au is an online comparison service and is not in a position to give personal or investment advice.
For a more detailed discussion of your circumstances, please contact The Property Tax Specialists today.