Agent in Ottawa’s Post

Last year, the 2023 Victorian State Government Budget was released, introducing changes to the land tax system to transition from stamp duty to an annual property tax on commercial and industrial properties. These changes have been adopted and took effect on 1 July 2024. Our article below provides a breakdown of the changes, and what you need to be aware of if you own or are looking to purchase commercial property.

Daily Tax Tidbit: Timing Woes Block GST/HST Rebate Application In Celestini v. The King, the taxpayer claimed a GST/HST new housing rebate on a house he designed and built himself. The rebate must be filed within 2 years of occupancy, or the day on which construction (or substantial renovation) is substantially complete, whichever is earlier. The taxpayer filed the application in 2021, while the CRA considered the property to have been substantially completed in 2013. Similarly, the taxpayer was considered to have occupied the property, albeit on a part-time basis, much earlier than 2 years before the application was filed. The court ruled in favour of the CRA and denied the rebate. I don't think the case breaks any new ground, but it's a good reminder that living part-time is still occupation and that substantially complete is enough to trigger the 2-year clock. As with most things in tax, it's better to err on the side of applying too early than too late. As always, don't rely on short Linkedin posts for tax advice.

𝗚𝗲𝗻𝗲𝗿𝗮𝗹 𝗱𝗲𝘀𝗰𝗿𝗶𝗽𝘁𝗶𝗼𝗻 𝗼𝗳 𝘁𝗵𝗲 𝗺𝗲𝗮𝘀𝘂𝗿𝗲 This measure abolishes Multiple Dwellings Relief (MDR) from 1 June 2024. MDR is a bulk purchase relief in Stamp Duty Land Tax (SDLT). The rate of tax is normally determined by the total consideration given for land. MDR is available to any purchaser buying 2 or more dwellings in a single transaction, or linked transactions, and allows the purchaser to calculate the tax based on the average value of the dwellings purchased as opposed to their aggregate value. 𝗣𝗼𝗹𝗶𝗰𝘆 𝗼𝗯𝗷𝗲𝗰𝘁𝗶𝘃𝗲 MDR was introduced in 2011 to reduce a potential barrier to investment in residential property and promote private rented sector (PRS) housing supply. An external evaluation of MDR carried out as part of HMRC’s Tax Reliefs Evaluation Programme found no strong evidence that the relief plays a significant role in supporting residential property investment, and that it has a minimal positive impact on overall housing supply or PRS supply. The evaluation has shown that MDR is not cost effective in meeting its original objectives. This measure therefore abolishes MDR from 1 June 2024. 𝗙𝘂𝗿𝘁𝗵𝗲𝗿 𝗮𝗱𝘃𝗶𝗰𝗲 If you have any questions about this change, contact the HMRC Stamp Taxes team at stamptaxes.budgetfinancebill@hmrc.gov.uk. Need assistance or advice regarding Accountancy Services? Feel free to Contact Us at. One Desk Solutions Limited ☎️ +44 20 3290 8887 📧 info@onedesksolutions.co.uk 🌐 www.onedesksolutions.co.uk #onedesksolutions ____ #Onedesksolutions #AccountantsInCroydon #TaxAdvisersInCroydon #BestAccountantCroydon #CheapAccountantInLondon #SDLT #StampDuty #PropertyTax #UKHousing #PropertyMarket #RealEstate #TaxReform #HousingPolicy #MultipleDwellingsRelief #UKProperty #HousingNews #PropertyInvestment #TaxChanges #PropertyTaxation #RealEstateInvestment

🏡 Understanding Stamp Duty on Additional Properties: What You Need to Know If you’re considering purchasing a second property, it's crucial to understand the implications of the Stamp Duty Land Tax (SDLT) higher rates for additional dwellings. This article breaks down the key details, including: ✅ When the higher rates apply ✅ Exceptions and exemptions ✅ Tips for navigating SDLT rules Whether you're a property investor or planning for the future, staying informed can help you make better financial decisions. 👉 Read more here - https://lnkd.in/eWpiXnee #PropertyInvestment #StampDuty #FinancialPlanning #FinancialInsights #Wealthmanagement #UKBudget Finura

Unable to understand why this segment always gets away with any taxation measures.Why every tax sanction has relaxations enclosed with it benefitting certain quarters. Quote: " The provisions of this section shall not apply to a builder or developer established by an Act of the Parliament or a provincial assembly or by a Presidential Order and who is engaged in activities for the benefit of its employees or otherwise including activities for the planning and development of and for providing and regulating housing and ancillary facilities in a specified or notified area". Unquote: Now is enough. Follow Muhammad Ali Ahmar https://lnkd.in/di7_Ean2

𝗖𝗼𝗺𝗺𝗼𝗻 𝘁𝗿𝗮𝗽𝘀 𝘄𝗶𝘁𝗵 𝗿𝗲𝘀𝗶𝗱𝗲𝗻𝘁𝗶𝗮𝗹 𝗿𝗲𝗻𝘁𝗮𝗹 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗰𝗹𝗮𝗶𝗺𝘀 As we approach the end of the income year, this is an ideal time to look at the traps that can trip up tax agents when preparing rental property schedules for clients as part of their income tax returns. In my April monthly AccountantsDaily column, I review the spate of legislative changes from 2016 to 2020 that affect residential rental properties (RRP) and the areas where taxpayers are most at risk of making incorrect claims. I discuss: 📌 Foreign resident capital gains withholding regime 📌 Claiming travel expenses and depreciation on certain RRP assets 📌 GST at settlement 📌 Vacant land changes 📌 Denial of main residence exemption for foreign residents 📌 Common errors when lodging tax returns: the Australian Taxation Office’s Top 10 tips to help rental property owners avoid common tax mistakes 📌 14 further tips on how to get it right. ❝The ATO’s review of income tax returns showed nine in 10 rental property owners are getting their returns wrong ... ❝The ATO remains focused on these types of claims so, going into Tax Time, review your checklists and processes.❞ Feel free to share your thoughts and comments below 👇 #tax #accountants #thetaxinstitute #tti #robyntax Julie Abdalla The Tax Institute

Welsh Government: 𝗟𝗮𝗻𝗱 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻 𝗧𝗮𝘅 𝗲𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝘁𝗼𝗱𝗮𝘆 The higher residential rates of Land Transaction Tax (LTT) has risen by one percentage point across all bands from today. These adjustments take effect on 11 December. Taxpayers who have already exchanged contracts will still pay the previous rates, provided they meet the relevant transitional rules. Read the full statement from  Mark Drakeford MS, Cabinet Secretary for Finance and Welsh Language on our blog. #taxnews #wales

📃 Robyn Jacobson’s latest AccountantsDaily article: Common traps with residential rental property claims. As the end of the income year approaches, it's an ideal time to look at the traps that can trip up tax agents when preparing rental property schedules for clients as part of their income tax returns. In Robyn's April monthly AccountantsDaily column, she reviews the spate of legislative changes from 2016 to 2020 that affect residential rental properties (RRP) and the areas where taxpayers are most at risk of making incorrect claims. She covers: 📌 Foreign resident capital gains withholding regime 📌 Claiming travel expenses and depreciation on certain RRP assets 📌 GST at settlement 📌 Vacant land changes 📌 Denial of main residence exemption for foreign residents 📌 Common errors when lodging tax returns: the Australian Taxation Office’s Top 10 tips to help rental property owners avoid common tax mistakes 📌 14 further tips on how to get it right. Read the full article here https://lnkd.in/gxKD9eqx and feel free to share any thoughts below 👇 #TheTaxInstitute #TTI #tax #thehomeoftax #jointhetaxconversation #TaxPolicyandAdvocacy

After taking a deeper look into B.C.’s real estate sector, Canada’s tax regulator has uncovered $1.3 billion in unpaid tax bills.

If you’ve claimed back GST on a property there is a time limited ability to repay the GST & get the property out of the GST net (ie you won’t have to return GST on sale). Hana Straight & I explain when this option exists in this Deloitte Tax Alert article… but you MUST act before 1 April 2025 https://lnkd.in/gSqyt9BN #tax #GST