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Buying An Investment Property? Here Are Some Tax Tips
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Buying An Investment Property? Here Are Some Tax Tips
Date Added: August 31, 2011 02:09:07 PM
Author: David Judge
Category: Business: Real Estate

Investment properties are a great source of income, but they can also be a taxation nightmare if you aren’t sure what you can claim. The taxation department has changed things over the last few years to help investment property owners to be able to get more out of their investments. Knowing the taxation laws and what you can and can’t claim is a good thing to be aware of. If you are like most people and don’t have time to keep up with it all, then it is best to place your finances in the hands of a qualified accountant to make sure you get everything you are entitled to claim. Our real estate Altona professionals can help to get your property rented and get you the best rental price for your investment property. You can also have a chat with them about the benefits associated with renting out premises; they will also be able to give you a basic outlay of what you can claim back on your yearly tax return. Real estate agents are required to keep up with all the latest changes to real estate laws as well changes to the taxation laws and what you are allowed to claim. Here is a list of a few things that you can claim and if you have an accountant they should know in more detail what can be claimed: • Interest is claimable when a property is rented or available to rent, only then is the interest on your loan claimable. • Body corporate fees would typically incur expenses such as electricity, insurances and repairs as well as others. Body Corporate asks you to put money into a Special Purpose Fund or to the Sinking Fund to pay for capital expenditure. These Body Corporate fees are tax deductible although some of the sinking funds may not be used for capital expenditure. • Legal expenses may also be tax deductible when it comes to having to evict a tenant who refuses to leave. Some costs such as legal costs of buying or selling a property are considered capital gain and are not tax deductible; neither is resisting land resumption or defending your title to your property. • Repairs and maintenance can also be tax deductible. The repairs and maintenance must be a direct result of wear and tear or damage from renting your property out. If you are looking to rent out premises and you need a good property manager. Our real estate Altona professionals can help you to get the most out of your rental property if you’re in the Hobson’s Bay Shire. http://www.icpm.com.au
 
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