TAX INSIGHTS FOR PROPERTY

ATO Data Matching

ATO DATA MATCHING The ATO uses data matching to determine whether or not an audit is required.  Data matching compares data from different sources against lodged tax returns.  If there is a discrepancy, the ATO may escalate the tax return for further investigation....

Inheriting Property

INHERITING PROPERTY There are no death taxes in Australia. This means that if you receive a property from a deceased estate, no tax is payable on that transfer. However, tax may be payable if you sell it down the track. If the property was a main residence before...

Property Loans

PROPERTY LOANS Interest on a loan to buy or build a rental property is tax deductible. While the property is rented, or available for rent, you can also claim interest charged on loans taken out to purchase assets, for repairs and for renovations. So far, so good. If...

Rental Property Ownership

RENTAL PROPERTY OWNERSHIP If a property is owned by 2 or more people, it can be owned as joint tenants or tenants in common. If joint tenants, then the obligations are joint and several, so that even if only one of the owners is sued, the creditor can take assets from...

Capital Gains Tax Rate

CAPITAL GAINS TAX RATE Contrary to popular belief, there is no specific capital gains tax rate. If you sell a property then the profit, plus or minus a myriad of adjustments, is added to your taxable income and taxed accordingly. So, if you income is $100k, and you...

Land Tax on Canberra Property

LAND TAX ON CANBERRA PROPERTY All states and territories impose quarterly land tax on residential rental properties except the Northern Territory. In the ACT, there is no land tax exempt lower threshold, meaning that you pay land tax from the first dollar of land...

What is Negative Gearing?

WHAT IS NEGATIVE GEARING? Negative gearing is the claiming of the loss from a rental property against your other income. The result is that you pay tax on a lower taxable income. Let’s break it down. Your income is $100k. You have rental income of $20k, and rental...

Property Seminar Deductions

PROPERTY SEMINAR DEDUCTIONS The ATO is becoming increasingly concerned about the rise in claims associated with attending property seminars. Property seminar costs are only deductible if they are concerned with how to manage your EXISTING rental properties. For...

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