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  • Get the most from your property investment

    419_house-savings

    10 March 2020

    If you're in the property business or thinking about investing in property there are things you should know, such as.

    • you need a clearance certificate from the supplier when buying property over $750,000
    • you may have to pay the GST on the sale of brand new residential property separately to us
    • income from property activities could increase your total business turnover.

    Make tax time easy by keeping accurate and complete records for the period you own the property and you're:

    • renting it out as a residential property - even short-term through the sharing economy
    • flipping houses
    • building a new house to sell for a profit.

    When it's time to lodge, remember:

    • Some expenses:
      • need to be claimed over time (such as borrowing costs or capital items like dishwashers)
      • can be claimed as an immediate deduction (such as interest on loans and insurance).
       
    • You can only claim expenses for:
      • periods when the property is genuinely available for rent .
      • travel related to renting property, if you're in the business of letting properties.
       
    • Check if you're eligible for CGT concessions.

    Remember, tax agents and BAS agents can help you with your tax.

    Find out about:

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