We're experienced investment property tax accountants in Melton who can help you with your investment property tax returns. We're also investment property investors ourselves, which means we take both a professional and personal interest in investment property tax knowledge.
Investment property tax can be confusing so it's important that you understand the tax implications, including investment property tax deductions, negative gearing, positive gearing and Capital Gains Tax.
Our role as tax accountants is to keep you informed of the latest developments and tax changes impacting you as a property investor. We'll keep you updated on the key ATO risk areas for property investors.
We'll also provide you with tools and advice to guide you through the myriad of investment property tax deductions. Many of these tools and guides are available to you for free on our website.
You can also get the latest rental property and other tax tips delivered straight to your inbox each month by subscribing below.
It's important to seek professional advice when lodging a tax return for one or more investment properties. The ATO is particularly concerned with the accuracy of tax returns lodged by investment property owners. As a result, they've made it known that more and more audits will be undertaken for tax returns that include investment properties.
When you have a tax accountant prepare your investment property tax return, you reduce your risk of audit. This is because we know what the ATO are focusing on when it comes to rental properties. We'll advise you on how to comply with the tax laws and stay out of the ATO's sights at tax time. And of course, we ensure that you claim all tax deductions that you're entitled to.
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Property investment can offer many tax benefits and tax breaks, for example,
However, your decision to undertake property investing should be based on personal objectives and financial goals. Tax should only be one consideration.
As an investment property owner, it is important to be aware of the expenses that you can claim as an immediate deduction. Keep in mind that not all expenses incurred are immediate tax deductions. The tax law requires that certain investment property tax deductions are claimed over a number of years.
Contact our team for a copy of our Rental Property Tax Checklist to help you organise your investment property tax deductions.You can also read our guide to claiming investment property tax deductions and record keeping here.
There are a number of not-so-obvious instances where your property (private residence or otherwise) can be affected by income tax or capital gains tax. Some of these instances can take clients by surprise because they weren't aware of what is considered to be an ‘investment property' for income tax or capital gains tax purposes.
Do any of these scenarios apply to you?
If yes, you may be holding a property for investment purposes.
The property investment tax concepts you need to know.
As a property investor there will be a number of tax concepts and terminology specific to property investment that you want to familiarise yourself with:
For more information about how we can assist you with investment property tax, capital gains tax and investment property tax deductions, please follow our blog and podcast which will answer many of the frequently asked questions you have about personal tax matters and topic
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