Tax Recommendations for Property Investors
In an article for the website realestate.com.au, Venessa Paech talks about how property investors should approach their taxes and how best should they claim their rental deductions.
Here are 9 tax recommendations for them:
- Do not claim capital improvements as an immediate deduction.
- Shy away from paying prepay interest
- Organise a depreciation schedule
- Claim the cost you fork out to inspect properties
- Use PayG Withholding Variation Application for negatively geared properties
- Disclose foreign property investments
- Keep receipts to justify your claims
- Bring down CGT
- Hire a top accountant
You can read the original article here.