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  • 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.

    Buying

    • Contract of purchase
    • Conveyancing documents
    • Loan documents
    • Costs to buy the property
    • Borrowing expenses
    • Title deed

    Owning

    • Proof of earned rental income
    • All your expenses
    • Periods of private use by you or your friends
    • Periods the property is used as your main residence
    • Loan documents if you refinance your property
    • Efforts to rent the property out

    Selling

    • Contract of sale
    • Conveyancing documents
    • Capital improvements
    • Sale of property fees
    • Calculation of capital gain/loss
      Last modified: 03 Aug 2017QC 18218