tax deduction For stamp duty on home ?

[James Millar]

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Did you know that if you are relocating for work, you can salary package relocation costs including the stamp duty on the new home at the new location in some cases? That’s a whopping saving. Lets say you move from Melbourne to Queensland for a new role or new employer. Buy a house on the gold coast for $1.5m and pay around $100k in stamp duty. Salary packaged it can produce a tax benefit of tens of thousands back in your pocket depending on your tax rate.

The key to saving lots of tax (not $100 here or there), is having a great strategic tax advisory relationship. That means you need a great adviser who is engaged in your affairs. The upside is that you can save tens or evens hundreds of thousands of dollars. The downside, well there is no free ride. If you are hoping to get this sort of advice and strategy from a basic tax return firm then frankly, its not going to happen. So spend a little more and get a lot more.

Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900

[Paul – FS Concierge]

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Great advice and something most people would never have known.

Thanks James!

~Paul

[James Millar]

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Paul – FS Concierge wrote:

Great advice and something most people would never have known.

Thanks James!

~Paul

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Yes Paul – its not a commonly known or used strategy but there are plenty of people in small business that relocate within a state or interstate. If they are employed in the business (most are or can be by having a simple salary), then the same rules apply. Big business are more aware of this because they are relocating staff more regularly and they have HR and payroll people that know the tax perks. But in small business land, especially where the owner is using a basic bare bones accounting service, these opportunities are completely missed. Think of how many people and small business owners probably relocating during the pandemic.

With a tax benefit of this size, the client can pay for 10 to 20 years of accounting fees because of one successful strategy that we devised and implemented. The value proposition of a good accountant is a no brainer when you run the numbers.

Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900

[Fraggle_74]

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When you say – Relocating, I’m assuming that is through the same employer and not just get a job and move?

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