Property
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Property insider A sterling addition to the McGrath team
Sharon McInnes (pictured) is joining McGrath Byron Bay. Sharon has lived and worked in Byron Bay for more than 30 years. Sharon had a successful hairdressing business but made the move into real estate 18 years ago and hasn’t looked back. She is renowned for her honest, straightforward approach and her caring character. Sharon is excited about joining the McGrath team. ‘It’s an awesome brand with great people who want to provide
what she enjoys most about her job Sharon says, ‘Helping people make informed decisions and creating opportunities for them to make choices. It is an absolute privilege to sell someone’s home. It can be a very emotional time; most people only do it once or twice in a lifetime.’
refers to new legislation that will be • Have filed tax returns that introduced on 1 July affecting sales would indicate they could not of property over $2 million. afford such a property;
Foreign Resident Capital Gains Withholding
• Are selling their residential house at the same time as their neighbours to a single developer, which may give rise to a profit-making scheme ‘If you purchase a property (such that the principal worth $2m or more on or after residence capital gains tax 1 July 2016, you will be required exemption may not apply to to withhold 10 per cent of the the value uplift generated by Sharon might be excited to purchase price and remit it to selling the properties together); be joining McGrath but the the ATO UNLESS the vendor or feeling is definitely mutual. is able to provide a special• Where the ATO has gathered ‘To say we are excited as an purpose tax resident’s “clearance information that indicates the understatement! Nick, Ian and certificate” from the ATO. It vendor is in the business of I are honoured to have an agent does not matter if the vendors developing property, which the calibre of Sharon join our were born in Australia and have means that the principal business. On top of her being lived all their lives in Australia; residence capital gains tax people with 6-star service. a high performance agent unless they have that clearance exemption may not apply. McGrath keep it about the over 18 years she is one of the certificate, they are classed as a Those who see any of the above people; it’s not about numbers nicest and most down-to-earth foreigner and the buyer must as dangers might consider or process. Their approach people I have ever met. We are send 10 per cent of the purchase selling in a hurry (before 1 July) is innovative and refreshing,’ looking forward to welcoming price to the tax office.’ so there might be some property enthuses Sharon. ‘Sure there are all of Sharon’s past and future To be fair, in the vast majority of bargains for buyers in coming challenges letting people know clients to McGrath’, says David cases local resident vendors will weeks. Mills, McGrath’s principal and where I am now and learning have no problem obtaining a It’s also important to note that auctioneer. new systems, but I love a ‘clearance certificate’. the $2m is ‘hard-coded’ into challenge; it helps you grow and However, for locals it might the legislation, so, as property you need to be able to adapt in Here is a summary of an article by increase their risk of a tax audit prices increase, more vendors this quickly changing industry.’ and there are clear hazards for Robert Gottleibson that appeared will be caught. Over time, the Sharon is going to continue in The Australian recently. Thanks property sellers who: ATO may shift their audit target to focus on Byron and its to Gary Brazenor of Unique Estates • Have not filed tax returns for identification processes to surrounds. When asked about many years; for bringing it to our attention. It $2m-plus property vendors and
away from other areas. Additionally, if the vendor has a tax debt, the application for a ‘clearance certificate’ may in some circumstances involve the ATO seeking to recover some or all of that tax debt from the purchaser by way of a garnishee notice. At this point, it is worth noting that we are giving the Australian Taxation Office another weapon to recover tax legitimately owed and that is a good thing for society. The ATO website has more information on the tax including examples at: https://www.ato.gov.au/General/ Capital-gains-tax/In-detail/ Calculating-a-capital-gain-orloss/Foreign-resident-capitalgains-withholding/.
HAVE ANYTHING TO LET US KNOW ABOUT? Any new faces? Career milestones? Exceptional results? Market observations? Have you had anything quirky or unusual happen to you out in the field? Email propertyinsider@echo.net.au.
STRIKE-A-LIGHT PARK LAND IN STUNNING LOCATION WITH DEVELOPMENT POTENTIAL
WIRREE LOT 3
• Large acreage available in an enviable Ocean Shores position just moments from both a worldclass beach and golf resort.
WIRREE LOT 2
GOLF COURSE LOT 533 CHUMBEE AVE
WIRREE LOT 4
LOT 550 WIRREE DRIVE
• Comprising two adjoining lots with pristine nature reserve and water frontage, these blocks offer privacy, peace and quiet in a natural setting on which to build an idyllic home. • Alternatively, as many as four separate dwellings are possible under current development status. • Also ideal as a gated family, or common-interest, compound. • Lot 550 is a 5.8ha (14.5 acres approx) property located on Wirree Drive. • Lot 533 is a 0.9ha (2.2 acres approx) property located on Chumbee Avenue. • Development prospects and potential to build a dream home with riverine views.
CHUMBEE
Registered Expressions of Interest. Closing 5pm 22 July 2016:
REGISTERED EXPRESSIONS OF INTEREST
EDSILK
CONTACT ED SILK ON 0418 660 063 FOR MORE INFORMATION OR TO VIEW
BYRON BAY
Suite 2/6 Jonson Street Byron Bay // 6680 8668
PRIVATE SALES & BROKERAGE
edsilkbyronbay.com.au // ed@edsilkbyronbay.com.au
22 June 1, 2016 The Byron Shire Echo
Byron Shire Echo archives: www.echo.net.au/byron-echo