Get the most from your property investment

ATO
10 March 2020
www.ato.gov.au

 

If you’re in the property business or thinking about investing in property there are things you should know, such as.

  • you need a clearance certificate from the supplier when buying property over $750,000
  • you may have to pay the GST on the sale of brand new residential property separately to us
  • income from property activities could increase your total business turnover.

Make tax time easy by keeping accurate and complete records for the period you own the property and you’re:

  • renting it out as a residential property – even short-term through the sharing economy
  • flipping houses
  • building a new house to sell for a profit.

When it’s time to lodge, remember:

  • Some expenses:
    • need to be claimed over time (such as borrowing costs or capital items like dishwashers)
    • can be claimed as an immediate deduction (such as interest on loans and insurance).
  • You can only claim expenses for:
    • periods when the property is genuinely available for rent .
    • travel related to renting property, if you’re in the business of letting properties.
  • Check if you’re eligible for CGT concessions.

Remember, tax agents and BAS agents can help you with your tax.

Find out about:

 

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