Tax Tips

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There is a lot of good advice around, and I know thinking about tax time isn't much fun for any of us, but it is well worth your attention if you have an investment property.
 
When you bought your investment property I expect you spent time carefully considering the tax benefits of negative or positive gearing. Now it's time to ensure you are making it worthwhile by claiming all legitimate expenses.
 
We suggest you spend two minutes reading the articles on:

Tax Receipts - Invest time in your investment property and Tax Return Checklist. 

it covers 3 main areas:

1. Essential tax deductions;
2. Pre-paying interest - why would you do it?; and
3. An explanation on how you don't need to wait until tax time each year to get your tax refund - get it in your weekly pay!

If you would like more information, please ask a 123 Mortgage Consultant on (08) 9228 3668 for:

A) the current Australian Tax Office Guide for Rental Property Owners. It's very comprehensive and includes clear case studies explaining how the rules are applied to individual situations. Deductions for rental expenses are detailed, plus Capital Gains Tax, negative gearing and depreciation. This guide explains how to treat rental income and expenses, including how to treat more than 230 residential rental property items.

Articles:
B) Investors: Are you missing out on potential tax credits?
C) Did you know that property investors need not wait for their tax return?