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Tax Deadlines Traditionally tax has a May 15th deadline (for just about everyone) who was with an agent or on a tax agents listing for last year. What that means is time is rapidly running out if you haven’t yet lodged and it really is time to check in with CIA tax urgently and avoid unnecessary ATO scrutiny’s. Land Tax Pain It’s quite a year of shock for many receiving those dreaded State Revenue Office letters this year. Some are even land tax newbies receiving them for the very first time with the introduction of lower land taxing points. In the history of CIA tax we have never received so many contacts on this topic, even more so from Victoria with the introduction of the new COVID recovery land tax and an upcoming extension to vacant property taxes (holiday homes etc). You can dispute the taxed values, but generally most valuations are done conservatively and that is not easy to do. Regardless we do encourage everyone to not just accept the valuation, and do some research and test its validity. Land tax will not go away and it is time to consider or reconsider your asset investment classes. For example: We have been assisting impacted clients who are looking at selling down their rental property. Yes, that may mean paying some CGT tax (after reducing it as much as possible) to pay down their own home loans (non deductible / bad debt) reducing land taxes significantly and re-investing (deductible / good debt) into tax friendlier simple shares (like ETF’s) that have dividend income (with tax credits) and no compounding land tax issues. When you do the numbers it often makes a lot of sense. Going further and introducing a family trust at this point can also be a very tax efficient structure to go forward into the future with. If land tax is really effecting you, let’s do the numbers on your investments – it might just make sense for you to and help alleviate some of the pain. What is rich? • It’s the ability to have choices • Dr Stevism; Create a surplus & invest it • Surplus of 3 T’s = Time, Talent & Treasure • Key is to INVEST any surplus. Don’t waste it Video: How to rich – TODAY (youtube.com) Podcast: Stream How to rich – TODAY by Dr Steven Enticott | Listen online for free on SoundCloud Join us Koalas in our nature positive safe haven works! https://carbonlandscapes.com.au/ Contact us if you would like to get tax efficiently involved with us in looking after some of our most critical species.  |
