2016 05 Living Room Kitchen

Own a rental property? Know your tax deductions.

Following are some helpful top-line tax pointers for property investors – but you should also seek accredited professional advice that takes your personal financial circumstances into account.
Here’s the bullet points you should acquaint yourself with:
  • What is a capital gain?
  • What is the cost base for a capital gain claim?
  • What other concessions can I get against capital gains tax eg. the property was previously my main residence?
  • What rental property tax deductions can I claim?
  • What rental property tax deductions can I not claim?
  • What is depreciation and what can I claim on that?
  • How does a depreciation schedule work?

 

Want to see more? Read the whole article here.

It is in a landlord / investor’s best interests to know exactly what they can and can’t claim rather than relying on their accountant to spoon feed them. This article will give you the basics of what you need to know.

©2016  for Domain.com