Hello again and welcome!
Without this blowing out to a diploma level explanation, I want to talk about asset sub-classes and in particular, I’ll zero-in on a nifty and not-so-little, UNKNOWN fact.
So let’s get started!
Most people know of the four main asset classes:
- Property
- Shares
- Fixed Income (or Fixed Interest) and;
- Cash
It is also argued that agribusiness is another asset class and now the latest emerging class seems to be “venture capital” however we won’t be exploring these here.
Most people also know that each of the four main above have many sub-classes.
As Property is the subject of the day, we’ll now break down its major subclasses:
- Industrial
- Commercial
- Rural and;
- Residential
As Deduct Your Home centres on the intelligent exploitation of your main residence as a part-business asset, I’ll now break down the residential sub-class:
- Vacant Land
- Houses
- Terrace Houses
- Duplexes
- Triplexes
- Quadruplexes
- Townhouses
- Villas
- Units
- Flats/Apartments
- Condominiums
- Penthouses
- Lofts
- Warehouse Conversions
- Permanent Park Homes
- Caravans & Houseboats (what the heck … I’m on a roll)!
I’m sure there are more but I think that will do for today.
Whilst these buildings are usually found in residential areas, there are of course many exceptions such as mixed use zones (inner CBD, redeveloped commercial or residential zones etc), where the new onus is one or the other and a smattering of the old remains. A common example is where an old character home is converted to professional suites etc. The substantive point however is in that in the main, residential buildings are used for residential purposes.
When you decide to start a small business, you have a number of options in terms of how you want it to operate and from where you want it to be based. For example a:
- Home
- Office
- Studio
- Factory / Workshop
- On-Site (e.g. professional contractor, trades-person, performing artist etc)
- Mobile Business
- Hobby farm/market garden, horticulture, viticulture etc
Whilst there may be others, I’m certainly struggling to think of any at the moment!
Looking at this list, only four (home, on-site, mobile, rural etc), are sufficiently flexible in terms of what I get excited about and that’s because they can each be carried on within your home as being the principal “Place of Business”.
On the contrary, if you work from say a separate office, studio or workshop etc, the ATO does NOT allow you to take some work home with you from time to time nor every day even, such that you may treat part of your home (i.e. where you carry out that work) as a place of business. The Commissioner’s view was clearly established on 30/09/1993 in taxation ruling TR 93/30 as well as subsequently by the courts, that such an area or areas will be merely considered a “home study” and this is true even if that is the ONLY activity you conduct in that part of your home.
If this sounds like your scenario, the good news is that you will NOT incur a capitals gains tax liability if you sell your home for a profit in future.
The bad news however is that that you will NOT incur a capitals gains tax liability if you sell your home for a profit in future.
And NO- that wasn’t a typo!
You see, there’s nothing better than incurring a whopping-big-fat-mother of a CGT liability – oh yes – it’s a very, very sweet thing and that’s because you’ve probably pulled-in a healthy sum at sale and that long-before, you passed the “interest deductibility test” which also then means if you knew what you were doing (and however which I’m apparently struggling to find anyone else out there who does), that you claimed all your mortgage interest, water and council rates, building insurance, building depreciation expenses and more for years and years as you enjoyed the ride leading up to your BIG PAY DAY!
*^!#%@ Confused?
*^!#%@ Bedazzled?
*^!#%@ Plain stumped?
*^!#%@ Think I’ve been smoking some whacky?
And so you should be because it would seem I’m the ONLY PERSON to have ever gone public with this apparently crazy, crazy stuff!
So what’s all the “hoo-hah” surrounding a NEW ASSET SUB-CLASS then?
Think about it…
You’re generally not allowed to live in an office, studio, factory or workshop etc – right?
Equally, folks do not claim their home mortgage and other occupancy expenses because their accountants all tell them it isn’t worth the dreaded CGT implications and this then means they miss out on claiming thousands every year in normal business deductions on their home – right?
We LUV being different and that’s why we spent several years figuring out how the system has long legally allowed us all to NOT pay any CGT on that BIG FAT CGT LIABILITY that you and your accountant, financial adviser and lawyer, still haven’t figured out as to the how and why it is DEFINITELY IN YOUR BEST INTEREST TO HAVE RAISED and which not even The Government knew or understood until We “Wrote The Book” and then laid it on the table for its own agency (The ATO), to study and learn from (in-strict confidence and yes I know it all sounds rather unbelievable but … them is the facts)!
I can’t tell you much more for now except that it’s mere child’s play … if you know what you’re doing!
(imagine trumpets)
Da, da ,da ,da
“behold”
“RESIMERCIAL“
INFUSED, RESIDENTIAL – COMMERCIAL PROPERTY
And here’s what “Resimercial Property“, i.e. what I’m calling the word’s latest asset sub-class currently looks and feels like:
- Residential property in appearance and by design and construction
- Zoned residential
- Comes in any floor plan (multi-level/guest wings/open-plan/ rooms off a long corridor/ alfresco areas/ bits of everything – it doesn’t matter)
- GST free at sale (unlike commercial property)
- A wide range of home business & or home occupations are allowed to operate within by practically all Australian local governments
- Some councils have no restriction on amount of floor space allocated for business use
- All bona-fide, typical business property tax deductions can already be claimed under existing legislation (e.g. same as non, home-based business properties)
- No detrimental effect on CGT main residence exemption per the non-business use of the property (for sole proprietors, partnerships and private companies)
- Any CGT raised from business use of the property is easily and legally reduced if not totally eliminated
- Favourably rated by State and Local Governments as residential property (and with certain residential exemptions still applying e.g. land tax)
Whilst I have no expectation of being contacted in the affirmative, my door is open if there’s a living soul out there in “think very carefully before you speak land”, who can tell me what other asset class or sub-class offers all this upside without any discernable downside, as if so, we need to talk!
So there it is folks – something brand new for you to invest in (and you might already even have one without having to invest anything – just a few tweaks needed here and there I suspect).
Ain’t she a beauty!
Make It Good Debt!
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