Investment Property & Rental Property Tax Returns in Melbourne
Perhaps you’ve just bought your first investment property, or you’re currently in the market looking to buy. 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.
We’re experienced investment property tax accountants in Melton who can help you with your rental 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.
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 rental property owners.
We will 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 here.
Why should you use a tax accountant to prepare your investment property tax return?
The ATO is particularly concerned with the accuracy of tax returns lodged by rental property owners. As a result, they’ve made it known that more and more rental property tax return audits will be undertaken.
When you have a tax accountant to prepare your rental property tax return, you reduce your risk of audit. This is because we know what the ATO are focusing on. We’ll advise you on how to comply with the tax laws and stay out of the ATO’s sights. And of course, we ensure that you claim all tax deductions that you’re entitled to.
Do you know when your property is affected by tax?
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.
For example, do any of these scenarios apply to you?
- Do you rent out spare rooms of your private residence on Airbnb? If so, your rental income is assessable and should be reported in your income tax return.
- Maybe you’ve bought a new house and retained the old family home as an investment property. Do you fully understand the tax consequences of this?
- Do you own a holiday home? Although you may not be renting it out, you could be liable for capital gains tax when you ultimately sell it.
- Have you inherited a property as part of a deceased estate? Are you completely informed of the potential tax consequences?
Looking for Rental Property Tax Advice that will save you money? Do away with the overwhelm of rental property tax requirements and download our simple-to-use Rental Property Tax Checklist.
We’re here to help you:
- Complete your rental property tax return quickly at a great price
- Maximise your tax refund by claiming each and every rental property tax deduction that you’re entitled to
- Claim all depreciation deductions by recommending the most professional quantity surveyors
- Improve your cash flow through submitting a PAYG Variation to enable your employer to reduce your weekly, fortnightly or monthly tax withheld.
Head over to our blog for more essential Investment Property and Property Development Tax Tips.