rental property tax

27 Jul Rental property owners on ATO radar

The Australian Tax Office has announced that it will be paying close attention to rental property owners during this tax season, especially in areas where excessive interest expenses are claimed and where there is an incorrect apportionment of rental income and expenses between rental property owners. The ATO will also be focusing on those who make incorrect claims for newly purchased rental properties and those who...

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luxury apartment

14 Jun New rules for properties worth $2 million or more

From 1 July 2016, those who purchase a residential or commercial property in Australia that is worth more than $2 million must withhold 10 per cent of the price. Buyers are then required to remit this amount to the Tax Office unless they obtain a tax clearance certificate from the property vendor. The new rule is designed to put a stop to foreign property owners who sell...

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investment basics

07 Jun Investment basics for businesses

Small business owners often spend all of their time trying to provide value to customers and overlook the importance of looking after the product of their business’s success; their personal wealth. But spending a little more time and effort managing personal investments can make a business and its owner’s personal journey far less painful in the future. Here are some basics to assist business owners on...

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property rental investing

22 Dec Claiming Rental Property Expenses

The ATO has announced an increasing focus on rental property deductions, especially on ensuring that investors get their claims right.  The ATO has noted that some common errors made by rental property owners include: claiming rental deductions for properties not genuinely available for rent incorrectly claiming deductions for properties only available for rent part of the year such as a holiday home incorrectly claiming structural improvement costs as...

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