Nine quick tax tips for property investors
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?