Great Tax Tips For People Investing In Property
If you are investing in property and know next to nothing about taxes, it’s time that you started learning. Thousands of Australians miss out on money saving opportunities by not being aware of sound tax strategies; you can avoid being one of them by following a few simple tips.
Keep Expense Receipts -
Any accountant, mortgage broker or financial advisor will tell you it’s very important to keep all receipts for a minimum of five years when dealing with investment properties or any other type of deduction you claim. Doing so can help you in claiming deductions for assets that have declined in value and ensure you have all important and relevant information in the rare instance you may be audited. Some examples of these depreciating assets include stoves, refrigerators, TV sets, hot water systems and various window hangings like curtains and blinds. Having access to original invoices showing the item/s purchase date, you will be able to successfully claim applicable items as deductions.
Get A Depreciation Schedule -
Although there are many examples of things that cannot be claimed as deductions, certain travel expenses and expenses that have to do with the private usage of the property (even those that can be claimed) are frequently overlooked because investors have not sort the correct advice nor thought of getting a depreciation schedule. The average cost of getting a depreciation schedule is about $500, but it can save you a lot of money down the road. From the moment you begin applying for a Brisbane Home Loan, you should be thinking about getting a depreciation schedule to help you claim certain deductions on time.
Know What Sorts Of Things Can’t Be Claimed -
There are certain costs that cannot be claimed as deductions. Knowing the difference between what is and isn’t allowed can have a tremendous impact on your success as an investor. In short, get a good tax adviser and depreciation schedule, keep your expense receipts for at least five years and understand what kinds of costs cannot be claimed as deductions and the best way to know for sure is to always double check with your tax adviser.
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