Category: General

If you are seeking to purchase an investment property with your self-managed super fund (SMSF), you should be aware of the terms associated with borrowing before devising a strategy. The borrowing terms are much stricter within a super fund due to the superannuation rules referred to as Limited Recourse Borrowing Arrangements (LRBA).The first requirement of…

Claiming Deductions For your Property’s Depreciation  While depreciation can provide property investors with significant tax breaks, many fail to take full advantage of the notable savings available to them. The majority of properties that generate income, regardless of their age, qualify for some level of depreciation. However, property depreciation is a tax deduction that is missed quite often because it is a non-cash…

Avoiding Common Property Investment Mistakes  Being aware of the common mistakes associated with property investment can help you gain the best possible value from an investment. Property investment is a popular way to increase your wealth and secure your financial future. But changes in interest rates, fluctuations in supply and demand, and even emotional decision making processes can make managing an investment property a difficult…

Upcoming ATO Compliance Targets  It always pays to be aware of these focuses, as non-compliance is, more often than not, the result of an honest mistake as opposed to willful deception. Unfortunately, an honest mistake can still cost you dearly in penalties and/or interest on late payments to the ATO. In the 2014/15 financial year, the ATO will be focusing on: Personal…

While depreciation can provide property investors with significant tax breaks, many fail to take full advantage of the notable savings available to them. The majority of properties that generate income, regardless of their age, qualify for some level of depreciation. However, property depreciation is a tax deduction that is missed quite often because it is…

Quantity surveyors produce a detailed depreciation schedule to help investors boost their cash return each financial year. Depreciation is one of the most under claimed deductions that property investors fail to take advantage of. A specialist quantity surveyor will prepare a depreciation schedule that outlines all of the deductions the owner of a property can…

Don’t get caught out by the ATO when lodging your work related expense claim this financial year. Unusually high work-related expense claims from any industry or occupation in the country are on the ATO’s hit list this year. The tax office has stated that it will be paying particular attention to claims that have already…

Avoiding Rental Claim Errors The ATO continuously find common mistakes made in claiming rental property borrowing expenses. It is important for rental property owners to ensure these mistakes are avoided in the future to reduce the possibility of being selected for an audit or review. Property investors can claim certain deductions in their tax return when taking out a new loan to purchase…

Being aware of the common mistakes associated with property investment can help you gain the best possible value from an investment. Property investment is a popular way to increase your wealth and secure your financial future. But changes in interest rates, fluctuations in supply and demand, and even emotional decision making processes can make managing…

This tax season will see the ATO specifically targeting extreme or inappropriate deductions made by rental property owners. While it is not uncommon to make some mistakes when claiming rental deductions, it is necessary for taxpayers with rental property interests to get their deductions and expense claims right to avoid facing harsh and costly penalties.…