Over 1.5 millon people claimed more than $24 bilion in rental deductions in their 2007 tax returns, with almost 170000 people claiming rental deductions for the first time. It is no wonder the ATO will contimue its focus on rental property deductions, including writing to first time property investors about the do’s and don’ts of claiming rental property deductions. My Tax Zone has a number of resources available to help our clients and readers keep on top of their taxation obligations in relation to investment properties and to make sure they claim ALL ENTITLEMENTS to deductions.
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Negative Gearing Negative gearing allows people to borrow money to purchase an income producing property, to claim a tax deduction for expenses they incur operating the property … including loan interest. Your tax refunds associated with negative gearing, together with your rental income, are used to pay off your loan, with any shortfall coming out of your own pocket. Find answers to your rental property costs and deductions here… |
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Tax Variation Taxpayers entitled to large refunds from negatively geared investment property can access those funds held by the ATO in their weekly pay rather than waiting until their annual tax return is completed and lodged. The tax variation for investment property can be obtained by permission from the Australian tax Office and requires an annual application form to be submitted. Once processed, the ATO notifies your employer of the rate of tax to be withheld from your periodic pay. Complete our online tax variation (IRWV) application form online here… |
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eBook Dreamed of purchasing an investment property but just don’t understand tax implications and benefits? You’re not alone.Written from 30 years experience as an accountant and experienced property investor, this eBook is written so that you FULLY understand tax implications and sets out simple tax strategies to save tax. Whether you are a beginner or a seasoned property investor you can benefit from knowing the rules in my Tax & Property Explained eBook. |
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Tax Variation Application This form should be used when the payee (employee) wants to reduce their pay as you go (PAYG) withholding rate for the year ending 30 June next.Taxpayers entitled to large refunds can access the funds held by the ATO in their weekly pay rather than waiting until their annual tax return is completed and lodged. There are various circumstances where this is appropriate, and sometimes necessary… |