At Tax Ideas we offer property tax advice specifically for landlords who have or plan to have multiple properties.
At Tax Ideas Accountants & Advisers, we provide a range of property tax advice specifically tailored for landlords and those with more than one property.
If you have been on a regular basis of receiving rental income that exceeds your total expenses, you must lodge and file a tax return. If your property incurred a loss, a voluntary report must be made which will allow you to utilize the loss in the future should the property value rises again that may incur you for other tax payable.
Scenario 1 Nominating Main Residence for tax purposes
Owning more than one property under your name within Australia, for tax purposes, it is better for you to nominate a property as your main residence. We can provide advice on the implications and rules in making such an election, and help you to achieve the eligible conditions that requires; and to assist you with finding the best solution that is beneficial according to you circumstances.
Scenario 2 Capital Gain from a Sale of property
You must lodge a tax return when you sell your house, a capital gain tax arises when the selling price is higher than the original purchase price of the property. Tax Ideas Accountants & Advisers can help you to design a good Tax Saving Plan that can reduce your Capital Gains Tax Liability.
Scenario 3 Landlords
Recent new government’s ban on landlord’s travel-related expenses poses a great impact on investors and causing the most angst, as this ruling is an axe for depreciation deduction. For any investors who rent out current property as an investment need to keep records right from the start, as this will be the basis for making any declaration of your rental-related income in tax return.
Scenario 4: Live-in Landlord
When you lease out part of your house, you will receive payment from your tenant in the form of rent. The rent is considered as income and must be claimed on your tax return, subject to Item 21 Rental Schedule. Subsequently, you can make a claim deduction against this rental income. It is important to stay in the ATO’s good record and avoid over-taxation. Tax Ideas Accountants & Adviserscan provide you with professional advice in calculating items for deductions, as a general approach to determining this is to weigh all the costs and benefits before you rent out your house.
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