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RENTAL PROPERTY TAX RETURN

$165ea

  • PAYG income
  • 1 rental property
  • Up to 1 hour consultation
  • Free Tax Tip
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THE BENEFITS OF

OWNING A RENTAL PROPERTY

Rental properties are considered a good investment and much less volatile when compared with shares or other investments. With Rental properties, you have the potential appreciation of a highly leveraged asset. Rental income is money in your pocket, and your tenants will amortise your mortgage for you. There are tax write-offs available for income properties. You are the boss and get to make all your own decisions involving your property.

 

DEPRECATION SCHEDULE

AND WHY IS IT IMPORTANT

A depreciation schedule is a document that advises how much depreciation (wear and tear costs) you can claim on your investment property. Depreciation often helps to reduce taxes significantly. If you do not have a depreciation schedule yet, call your local property appraiser as soon as possible to request a copy.

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HOW DOES

NEGATIVE GEARING WORK?

As long as the loan costs are greater than the rental income, then the Australian Taxation Office allows investors to offset the loss against their income. This strategy, known as negative gearing, is often considered more of a tax strategy than an investment due to the fact that it can lead to larger tax refunds.

 

THE DIFFERENCE BETWEEN

REPAIRS AND IMPROVEMENTS?

From a taxation point of view, repair costs for fixing an existing air conditioner, for example, may be claimed in full in deductions immediately. While improvements like the installation of an air conditioner, are considered Capital Allowance and may only be claimed in deductions within specific years.

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HAVE A QUESTION

TAX FAQ

The ATO issues most refunds within 14 days, however in rare circumstances it can take up to 30 days to process a tax return.

The official due date for tax returns is October 31st. That being said, it is possible to apply for an extension and this is certainly something we can assist with.

If you owe money to the ATO, you will need to submit a ‘Non-Lodgement Advice’. This notifies the ATO that you will not be lodging a tax return for that year.

To avoid financial penalties, notify us of any outstanding tax returns as soon as possible. We can help you to get them lodged quickly.

Yes. The logbook should contain general details regarding work-related use, including distance travelled and receipts for things like fuel, registration and repairs.

Yes, we can certainly deduct our fees from your tax return. This will cost an additional $30, however, keep in mind that all of our fees can be claimed on your next tax return.

Receipts generally need to be retained for 5 years. Given that ink fades, we strongly recommend keeping electronic copies to guarantee they remain legible.

If you have forgotten to claim deduction in previous years, we can help you to submit a tax return amendment. Typically, this needs to be done within 2 years of the initial tax return, however, extensions may be granted in special circumstances.

The ATO typically allows $300 worth of deductions to be made without substantive documentation.

If you use your car for work purposes, there are a range of different expenditure methods that may be applied to calculate the amount you can claim. We will assess your situation and apply the method that works best in your favour. Remember that using a car to get to and from work is not something you are entitled to claim.

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