Our Clients

Seven Emu Turn Key Solutions Seasouth Plumbing Lightning Electrical Services CTR Imports St George Community Services Blue Mountains Manor House Beyond Water Profit Systems Greg Stott Properties Fisherman's Wharf Fish the Top End Snap Kingsgrove Bridge Business College Hotwork Australia Ranbuilt Sydney Arthritis & Osteoporosis NT Vincent Buda

" Thompsons Australia are a well respected organisation and I would recommend them to anyone who asks for financial help. "

-- Robert Gouttman

" I have been a client of Thompsons Australia for over ten years, and they have been helpful during this period and particularly my move into retirement. Their service is a combination of courtesy, sound knowledge, and ready to help at any time. My wife and I are very fortunate to have Thompsons as our Accountant and Superannuation Administrator. We have been more than satisfied with their assistance and their kindness, both evident in dealing with Management or their staff. "

-- Richard Stephens

" Greg is always available to listen and offer advice no matter how small or simple the question. Greg is very knowledgeable on all tax matters and his charges are very reasonable. "

-- Euan Johns

" Any staff member, that I have had contact with has always given the same outstanding service. Any business for myself or for my parents has always been dealt with extremely well. "

-- Jenny Barker

" I have found Thompson's Australia to be one of the most proactive Accounting firms we have ever used. I would highly recommend Greg Thompson and his team.  "

-- George Peat

" A firm that treats its clients with consideration and respect. "

-- David McClay

" Thompsons Australia is a very professional company and as a client I am secure in the knowledge that the services I receive are always client based and value for money. "

-- Jennie Davie

" Thompsons Australia been an inspiration to our business. Although we're in Darwin there has been no lack of service or interest in what we do as a business. "

-- Andrew Jones

" Van is very understanding and knows her job. "

-- Robert Gouttman

" The reception staff are great, Vivian is great and Greg has been great. I am really glad to have made this association. "

-- Forial Katrib

" I have dealt with Marietta for the last few years. She is an excellent lady, polite and very knowledgeable. She is a great help to me. Karenne is very friendly, full of fun, and very helpful. The two ladies, bless them, are a great asset to Thompsons Australia. Thankyou ladies for all your help! "

-- Richard Stephens

" Marietta Natoli is exceptional in her endeavours to provide appropriate advice. "

-- Mladen Sinozic

" Greg Thompson is one of the most helpful people I have ever worked with. He should get a pay rise. "

-- George Peat

" All the staff great service.  "

-- Frederic Meyering

" Marietta has been great. "

-- David McClay

" Vivian is always so helpful and I would recommend her every time. "

-- Jennie Davie

" Very happy with Greg. "

-- George Jovanoski

" Thanks Greg & Marietta for their support. "

-- Andrew Jones

Return Articles ListGuide to Investment property tax and investment property tax deductions

Overview
 
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 investment property tax implications for income tax, capital gains tax and goods and services tax (GST).
 
Your home
In most cases there are no investment property 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. Investment property tax implications will depend on the purpose(s) to which the property is put. If you rent out the inherited property to others, the income is declared in your tax return, and you claim investment property tax deductions as appropriate.
 
Residential rental properties
If you rent out property to others, you must declare the income in your tax return, and you can claim investment property 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.