10 March 2020
If you’re in the property business or thinking about investing in property there are things you should know, such as.
- you need a clearance certificate from the supplier when buying property over $750,000
- you may have to pay the GST on the sale of brand new residential property separately to us
- income from property activities could increase your total business turnover.
Make tax time easy by keeping accurate and complete records for the period you own the property and you’re:
- renting it out as a residential property – even short-term through the sharing economy
- flipping houses
- building a new house to sell for a profit.
When it’s time to lodge, remember:
- Some expenses:
- need to be claimed over time (such as borrowing costs or capital items like dishwashers)
- can be claimed as an immediate deduction (such as interest on loans and insurance).
- You can only claim expenses for:
- periods when the property is genuinely available for rent .
- travel related to renting property, if you’re in the business of letting properties.
- Check if you’re eligible for CGT concessions.
Remember, tax agents and BAS agents can help you with your tax.
Find out about:
- Residential rental properties
- Renovating properties
- GST at settlement – a guide for purchasers and their representatives
- Clearance certificates