When it comes to tax, unless you are a professional, it can be difficult to navigate your way through the maze. But understanding the basic taxation laws and your rights as a property investor is imperative to the success of your investment career. We’ve made it a little easier for you by providing a guide to all the taxation questions you need answered.
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Attention property investors: your friends at the Australian Taxation Office might be taking an a much closer look at your tax return than you will be comfortable with this year. Assistant tax commissioner Gavin Siebert said the tax office has made property rental deductions a top priority this tax time explaining that… “A random sample…
![Ask the Tax Expert [video] — Best time to renovate a home that will become an investment](https://cdn.propertyupdate.com.au/wp-content/uploads/2018/01/renovate-home-270x200.jpg "Repair, refurbish, or renovate?")
When is the most tax effective time to undertake a renovation? You’ll find out as you watch this week’s Ask the Tax Expert video as Ken Raiss answers Lynda’s question about when is the best time to renovate her new home that she’s buying using a First Home Owner’s Grant. You see…she plans to make…
There are a growing number of people in Australia wanting to create wealth by undertaking a small property development. Unfortunately, many people attempt it when they don’t have the knowledge or the know-how, and they end up financially worse off than they were before. Others, while clearly capable of managing the project, don’t set up…
Australia is an entrepreneurial country of more than two million small businesses. Perhaps it’s our “give it a go” attitude that sees so many of us decide to take control of our financial futures. Of course, without small businesses, our economy wouldn’t exist given some 97 per cent of all businesses are classified as ones…
When you set up a self-managed super fund (SMSF) you need to understand what it is, and also what it isn’t. Firstly, an SMSF is a trust and, like all trusts, it’s not a legal entity. Therefore the fund needs a trustee who makes decisions, opens up bank accounts, completes the tax return and so…
The ALP’s proposed ban on negative gearing has been well publicised and debated. However, its proposed changes to Capital Gains Tax (CGT) have received far less attention. I suspect that this is because investors tend to overestimate short-term consequences and underestimate more significant long-term outcomes. But, since most of us are long-term investors, I’d suggest…
The Tax Office is ramping up audits of property investors. This comes after the ATO checked a random sample of returns with rental deductions and found nine in 10 claims contained errors. The ATO audited 1500 taxpayers with rental claims and applied penalties totalling $1.3 million in 2017-18, but expects to carry out 4500 audits…
Investing in property with your super has been extremely popular over the past few years, hasn’t it? And the reasons why are far more interesting than it just being a bit trendy! The main benefit is that super is an alternative avenue for property investing that has very little impact on personal finances or your future…
Labor proposed $200 Billion worth of new taxes. That’s a staggering amount – almost unfathomable With the many new taxes and policy changes that Labor will implement if they win the May 18th Federal Election, they will tax your income, your home, your superannuation and your savings. Many of the changes are difficult to understand…
More and more investors, and particularly Baby Boomers, are using their Self-Managed Super Fund (SMSF) as a vehicle to buy an investment property. So I’d like to share some of the most common mistakes I see people making so you can avoid them. 1. Debt Your Self-Managed Superannuation Fund (SMSF) can borrow money to: a) Purchase…
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