Blog tagged as Rental Property

Own an investment property? The ATO is undertaking a data-matching program with property management software providers to check if reporting obligations are being met.

The ATO has published a list of common errors found in rental property schedules. Ensure that you are not double dipping or you may need to lodge an amendment.

Investors in build-to-rent developments may benefit from an increase to the capital works deduction, in an effort to encourage investment and development in the build-to-rent sector.

Rental property information is being collected by the ATO in an effort to track down unreported income in tax returns. Ensure your items are fully substantiated.

The ATO has finalised the taxation ruling TR 2023/3, which provides guidance on the deductibility of expenses associated with holding vacant land.

Investors in build-to-rent accommodation will benefit from an increase to the capital works deduction from 9 May 2023. Call us if you want to find out more.

Have you recently considered your journey to more financial freedom? Find out few fundamental tips to get you on the right track.

Do you want to know what you should consider before you decide to buy an investment property?

You may incur various types of legal expenses in relation with rental properties but all legal expenses are not claimable. Please read what is claimable and what is non-claimable.

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 obligation and entitlements.

If you take out a loan to purchase a rental property, you can claim a deduction for the interest charged on the loan or a portion of the interest. However, the property must be rented out or genuinely available for rent in the income year you claim a deduction.

You may be able to claim a full deduction for the cost of repairs and maintenance in the year that you incur them or capital expenditure and improvements over several years depending upon the fact if the expense is part of a repair or improvement.

If you are not the only owner of a rental property, you can understand your position better by being aware of these provisions about apportioning your income and expenses to arrive at net income or loss.

After 9 May 2017, you will not be able to claim depreciation on used 'Plant and Equipment' items. It means you will lose on depreciation if you buy a second-hand property after 9 May 2017.

This is all that you need to know about taxation on rental properties.

What are the top 3 mistakes taxpayers with rental property income make in their tax returns?