TITUS CONSULTING - Property Tax Depreciation Experts  

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  • 9 Simple Tax Tips - Getting Your Cash Back Form Investment Property

    27 July at 15:59 from atlas

    TIP 1 - Documentation:

    Your management agent will normally provide a monthly and annual statement. The annual bank statement should show a summary of interest expense. A specialist property accountant can assist by ensuring all allowable tax deductions are made.


    TIP 2 - Depreciation:

    Only registered quantity surveyors & tax agents are authorised to prepare depreciation schedules. They can produce a scrapping schedule, which puts a value against all items to be thrown away. This value is expensed in the year of expenditure. The new items are then depreciated with a new depreciation schedule.


    TIP 3 - Travel:

    All your costs to inspect your investment property are tax deductible, including travel. Ensure you apportion any personal component.


    TIP 4 - Interest expenses:

    Only interest expenses on borrowed funds used to invest are deductible. A split loan should be considered when a loan is used for both investment and private purposes.


    TIP 5 - Trusts:

    The use of a trust can be a major benefit to property investors by improving asset protection, estate planning and increasing flexibility


    TIP 6 - Pre-pay expenses:

    If you have a geared investment it is worth considering pre-paying next year's interest to gain an immediate tax deduction such as insurance premiums, rates, levies or possibly even interest.


    TIP 7 - Manage capital gains:

    Capital gains generated during the year can be minimised by offsetting it against capital losses or trading losses incurred during the same year. The 50% discount on capital gains is available where an asset is held for longer than 12 months.


    TIP 8 - Manage capital losses:

    Capital losses incurred in any year are available to be carried forward for an indefinite period.


    TIP 9 - PAYG variation:

    Where you have negatively geared rental investments, the negative part offsets against your other income.


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