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Runaway Bay QLD 4216
Being tax-smart when investing in property means more than making the right property choices. If you use your property to earn income at any time, you will have tax obligations and entitlements.
Here are some tips to help you get it right at each stage of the journey.
Getting record keeping right makes tax time easy
Whether you use a tax agent to prepare your tax return or do it yourself, you need to keep proper records over the period you own the property.
Keep the right records for each stage of your journey to ensure you’re able to claim everything you’re entitled to.
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– loan interest
– rates and taxes, including council and water rates and land tax
– property management fees
– body corporate fees
– cleaning and gardening
– repairs and maintenance relating to when your tenants were living in the property.
– capital works, otherwise known as building costs
– borrowing costs.
– include all your rental income
– only claim deductions for periods that your property is rented out or genuinely available for rent
– don’t claim deductions for periods that you use the property yourself.
Remember: keeping proof of all your income, expenses and efforts to rent out your property means you can claim everything you are entitled to.
If you sell an investment property or your main residence that you have rented out, remember: