Disclosure Statement: Durand Financial Services Pty Ltd and its advisers are authorised representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. General Advice Warning: The information contained within this website does not consider your personal circumstances and is of a general nature only. You should not act on it without first obtaining professional financial advice specific to your circumstances.
10 March 2020
If you’re in the property business or thinking about investing in property there are things you should know, such as.
- you need a clearance certificate from the supplier when buying property over $750,000
- you may have to pay the GST on the sale of brand new residential property separately to us
- income from property activities could increase your total business turnover.
Make tax time easy by keeping accurate and complete records for the period you own the property and you’re:
- renting it out as a residential property – even short-term through the sharing economy
- flipping houses
- building a new house to sell for a profit.
When it’s time to lodge, remember:
- Some expenses:
- need to be claimed over time (such as borrowing costs or capital items like dishwashers)
- can be claimed as an immediate deduction (such as interest on loans and insurance).
- You can only claim expenses for:
- periods when the property is genuinely available for rent .
- travel related to renting property, if you’re in the business of letting properties.
- Check if you’re eligible for CGT concessions.
Remember, tax agents and BAS agents can help you with your tax.
Find out about:
- Residential rental properties
- Renovating properties
- GST at settlement – a guide for purchasers and their representatives
- Clearance certificates