To be on the right side of law and the taxation system, you need to be diligent about planning and paying your taxes. Ken Raiss for the Property Update gives a few tax tips for the property investors.
- Document your rental income and expenses (for instance, if you had to undertake repairs).
- Hire a Quantity Surveyor to help you segregate the scrapping schedule from the new depreciation schedule.
- You can avail tax deductions for costs incurred while inspecting properties.
- Maximise asset protection by using a Trust.
- Remember to get tax deductions for interest on borrowings used for the purpose of investment.
- Sell assets that have nearly lost their value. This way, the capital losses will help you negate the capital gains
- If your gains for a given year are not enough apparently, carry forward any capital losses rather than trying to offset them.
- Pay next year’s interest this year itself for availing tax deductions; of course, only if you have a geared investment.
- Review your PAYG instalment obligations
You can read the original article here.
How many tips among them have you followed this year. Do you have a tip to share with us?
