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Rental Property Tax

Rental Property investments are a great investment for any individual or investment company to consider as the value of land and property more often than not appreciates. Property market is an industry which is bound to make money and our specialized advice on your rental property will be to ensure that you get the best returns. If you are thinking of buying a rental property as an investment, you need a clear understanding of how the rental property business works and the tax implications involved. Moreover, you need to make sound financial decisions and seek professional advice on having the right structures in place, including if you should have the property in your name, a trust or an investment company.

Getting the most out of your Rental Property Investment

Forecasts are an important factor when investing in a residential property. They ensure you get the best return for your investment. Glenfield Tax Accountants provide help with forecasts on your property investment, revenue returns, financial position and potential growth, explained in an easy to understand manner. We work with people who want to make the most out of their rental property, maximising their profit. 

Things You Need to Know about Rental Property Ownership

  • Rental income has to be taxed the same year you receive it
  • There are some expenses that you can claim for including maintenance & repairs and council rates & land tax
  • There is no GST on residential rental property. However, if you own an investment apartment with a management agreement in place, there may be GST implications to consider
  • If you decide to sell the property you may be liable for tax when you sell

Income Tax on Rental Properties

The income you receive from your rental property is liable for income tax. This income can either be from renting out the property, land, buildings etc, or it could be income you receive from boarders or flatmates who reside with you.

Still unsure of your tax obligations? Call us for consultation or arrange a meeting with one of our team members. 

Tax Deductions

There are certain expenses relating to maintaining and renting out your property that you are eligible to claim for. These may include:

  • Interest payments and loan fees
  • Council rates and land tax
  • Advertising for tenants
  • Depreciation of white ware and furniture
  • Property inspection travel costs
  • Maintenance, repairs, gardening, pest control