The Australian Tax Office (ATO) will look closely if it knocks on your rental property door. Knowing what can and cannot be deducted as a legitimate tax expense can be a minefield when it comes to investment property. Late last year it notified tax agents of the continuing rental audit program of their clients that aims to ensure taxpayers do not over claim rental deductions. …
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Negative gearing is being debated in the media spotlight at the moment, however it still stands as a legitimate tax reduction positive for property investors. Here’s a run down on the pros and cons of Negative gearing. Negative gearing is the process of adjusting the borrowing on a property so that annually the property operates as a financial loss, which can be used to reduce your …
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There are all sorts of tax implications associated with investing in real estate and for some, tax relief is one of the main reasons we choose to buy residential property. However, while there are tax breaks attached to this type of investment, remember that the best way to build your wealth is to make a profit, not simply to reduce your tax liability. deductible expenses checklist …
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On a recent “A Current Affair” program a hot topic of discussion was the fact that there was $73 billion in lost super funds and $48 million in lost bank account monies in Australia. To find out if you are missing money it is as simple as visiting the below links. http://www.ato.gov.au/super/content.asp?doc=/content/33301.htm&mnu=4750&mfp=001/007 http://www.edge.asic.gov.au/unclaimed/simplequery.html
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