ATO waves a red flag on deductions for holiday rentals

Just when many Australians are considering getting away for a mid-winter break, the ATO is reminding taxpayers that it is paying close attention to rental properties located in popular holiday destinations around Australia. The ATO recently issued a statement saying that last year it identified a large number of mistakes with deductions for rental properties, […]

Home renovation’s: Overlooked tax deductions for investors

Many investment property owners may be missing out on valuable property depreciation entitlements, simply by not being up-to-speed on what is and is not depreciable. Examples of assets that could qualify for tax deductions may surprise many taxpayers, and can even include items such as kids’ cubby houses or garden gnomes which form part of […]

Tax implications of property lease incentives

Lease incentives are commonly used by landlords to entice tenants to enter into a lease. The most common type of lease incentive relates to new tenancies in commercial buildings. These inducements can take many forms, including upfront cash payments, non-cash items such as motor vehicles or boats, expensive paintings, holiday packages, rent-free or rent-discounted periods […]

State rates: Stamp duty calculators

Stamp duties vary from state to state, but also from year to year. To make your job just that little bit easier we have compiled a handy reference table including each state and territory revenue or treasury office, with links to each jurisdiction’s latest stamp duty calculator. Each is current as at February 2015. State […]

Your holiday house and family arrangements

The Tax Office has formed views about disclosing income and claiming deductions where non-economic rental arrangements — that is, “mates rates” — occur involving the use of holiday homes.  A similar approach is adopted for arrangements you may make with family members involving residential property. The following is a summary of the Tax Office’s view […]

How a mortgage offset account works

“Mortgage offset account”, “offset home loan”, “interest offset account” or simply “offset account” — they are all interchangeable labels for the same financial product provided by banks. It is essentially a savings account that is linked to a loan account. An offset facility contains two bank accounts: (1) a transaction account (meaning you have access […]

Is Property Co-ownership Viable For You?

The significant cost of buying into property may lead many younger investors and aspiring home-owners to pool their resources to buy real estate jointly – and taking this path can be a good first step towards final individual home ownership. But deciding to buy a home with a friend, a family member or business partner […]

Maximise Your Rental Property Claims

Come tax time, every penny counts – particularly in the case of investors. Owners of rental properties are entitled to tax deductions in connection with their investments but do you know what these deductions are and how you can save yourself from paying more? Read our guide below for a rundown of claimable rental property […]