Property Development Sunshine Coast & North Lakes

Property Development on the Sunshine Coast and North Lakes can be a risky endeavour, so why not protect your investment by minimising your tax obligations to protect your assets. Unfortunately, taxation law becomes very complex and as a result, you should speak to Property Development Tax specialists. Total Business Partners will ensure that your business has the right knowledge to execute the best decisions to help your business make the most out of its investment.

Please visit our pages for property development in Brisbane, Redcliffe and North Lakes.

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How to structure your property investments

We can show you how to structure your property investments to minimise your tax, maximise your returns and protect your assets. This includes:

  • Reducing capital gains tax
  • Which structure is best to protect property and other assets?
  • Should I rent or live in the property?
  • Going Overseas – what are the tax implications?
  • Minimising Tax
  • Realising a capital gain instead of taxable profit
  • Subdivision, GST & property sales
  • What are the tax implications when transferring property?
  • Renovating a property and GST implications
  • Joint ventures
  • Cash flow
  • Utilising superannuation

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Learn More about Taxation

How are property developments taxed?

Property developers pay capital gains tax. That is because they generate an income by working with real estate (capital assets). So, any profit made from the capital asset is income.

One possible way to reduce your tax is by living in the property as long as it is your principal place of residence. Nevertheless, taxation is very specific to individual circumstances so it is worth contacting a specialised property development accountant who will be able to guide you through the legal steps to reduce your tax obligations.

Should I rent or live in the property?

Determining whether or not you should live, rent or sell a property can be a difficult calculation to determine the best long-term outcome. Whilst it may be beneficial to live in the property and sell it as your principal place of residence, there may be other taxes and fees to consider when making that decision.

Taxation can become extremely complex so it is important to get in touch with the right accounting professionals to save you time and money in the long term.

Why is it advisable to hire a specialised Property Development accountant?

A specialised property development account on the Sunshine Coast understands more about your taxation obligations and the best structuring strategies to get you the best possible financial outcome. They will also be able to help you determine the financial feasibility of your projects.

Furthermore, it’s easy to make mistakes especially when taxation is so complex and there are so many options available. Should you rent, sell or buy assets? Should you live on your property so that you don’t have to pay tax for it? These are the everyday questions that Total Business Partners find the best solutions for.

Hiring a specialised property development accountant also means that your tax obligations will be completed within Australian laws to offer you complete peace of mind. They will also ensure that you take advantage of any deductions and all government initiatives in place.

Why choose Total Business Partners?

Total Business Partners have a specialised team of property development accountants with extensive experience, offering you unparalleled service including the right advice to minimise your tax obligations.

Our local team has up-to-date knowledge of taxation laws, government incentives and other initiatives to help you make the most out of your assets. Additionally, we ensure that we explain everything in a way that is easy to understand so that you can save time and money.

Property Development FAQs

What are the tax implications when transferring property?

When you transfer a property to a family or friend, there may be tax implications, especially if done so below market value. For instance, if you sell, transfer or gift your property to family or friends for less than it is worth, then your capital gains tax (CGT) will be based on the market value of the property.

However, if the property was your main residence, then you can claim the main residence exemption from Capital Gains Tax.

To find out more about transferring property to family or friends, visit the ATO website.

How can I reduce my Capital Gains Tax?

Capital Gains Tax (CGT) is paid whenever an asset has been sold at a profit. When the asset has been sold at a loss, it becomes a capital loss that can be offset against capital gains. When you sell property other than your principal place of residence, you are required to pay CGT (assuming it was sold for a profit). Additionally, if you do sell your property below market value, then the CGT is payable at market value. This avoids people selling under market value to friends or family.

There are a few ways to reduce your capital gains tax, such as living in the property, however, you need to ensure that the property is eligible. Get in touch with Total Business Partners today and find out how we can reduce your CGT and help you make the most out of your assets.

Are property development costs tax deductible?

Yes. As long as the property is not your principal place of residence, then property development costs are tax-deductible. Additionally, any assets that you own may be depreciated depending on the age and type of asset. This can significantly reduce your tax.

Sunshine Coast Property Development location

North Lakes Property Development location

Take a look at some of the other services that we provide in Sunshine Coast to facilitate success

At Total Business Partners, we are driven by the success of our clients. We are Xero certified accountants, well-versed in structural business planning and financial management, and always look to provide the best standard of service. With this in mind, we have chosen to offer the following comprehensive services to help Sunshine Coast businesses thrive. We also provide services to the wider Brisbane region, including North Lakes.

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