Investment Property Tax Return Due?
Do you have an investment property that needs an investment property tax return lodged with the ATO? Tax returns for investment property are not complicated, but they do need to be done correctly. Tax Monster can help you make the most of your investment property tax return. Investment Property tax returns lodged with the ATO for only $59.95*.
Investment property tax returns are done as part of a personal or individual tax return. There are a number of options, how this investment property tax return could work. Read on to learn how these strategies can be used to help minimise your tax, and how Tax Monster can help you make the most of your tax return for investment property.
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Negative Gearing - Investment Property Tax Returns - from $59.95*
Negative gearing is when the annual cost of your investment is more than your return. Basically, when the cost of maintaining your property and paying the interest on your loan is more than the rental income you get from it, you are negatively geared. These losses can be claimed back on your tax return on investment property. For example, if you owned a rental property generating $25,000 in rent each year, but the costs of holding the property (including mortgage interest) came to $30,000 then your taxable loss would be $5000. You can use the taxable loss of $5000 to reduce the tax payable on your salary or income taxes.
This way you'll pay less tax, but don't be mistaken, it is still a loss - just a smaller one – that hopefully will be more than made up for by the property's increasing value. You probably won't see a return on your investment until you sell the property, and only if it's for a much better price than you originally bought it for. It's also important to note that where your investment property does make a positive return, called ‘positive gearing' where your income rental earns more than it costs to own the property, that profit is taxable.
Landlords of positively geared properties need to set aside funds to cover the tax they will pay on their investment each year or the income from rent. As this would be added on top of your income from your job.
If you're searching for the the following to complete your investment property tax return, keep reading as there is more information below as there are a few options.
Tax Deductions - Property Tax Returns - from $59.95*
Whether you are negatively geared, or getting a positive income stream from your property, you can claim expenses relating to your rental property for the period it was available for rent. The following expenses can be claimed to maximise on your rental property tax return.
Below is a list of common items
How can Tax Monster help file my, rental property tax return?
Rental Property Tax Returns – From $59.95*
As a registered Australian Tax agent, Tax Monster is your gateway to affordable and convenient reporting and filing of all types of taxes, including investment property tax deductions. When filing your standard income tax return with Tax Monster, you elect to have your investment property tax return, or rental property deductions, included because you must declare rent, you receive on your tax return.
If your confused it's easy for our Tax Monster accountants to run you through what kind of deductions you may be eligible for from your investment property. You'll have to supply receipts, invoices and other evidence that can be used to assess what you are entitled to. With the help of our highly experienced accountants and tax specialists, you can be rest assured that your tax obligations will be adequately taken care of. Our accountants will consider all avenues to ensure all tax deductions for your investment property tax return are being properly employed.
Capital Gains Tax (CGT) - Property Tax Returns - $59.95*
Capital Gains Tax is the tax charged on the gain you make from selling an asset e.g. investment property, but excluding personal assets (like your home, car and most personal use assets). CGT forms part of your income tax and is not considered a separate tax.
Once you've owned a property for 12 months you're automatically entitled to a 50% tax discount, if you're an individual or small business, on any capital gains you make when selling the property. Those part of a self managed super fund can enjoy considerably lower CGT and sometimes avoid having to pay capital gains tax altogether under certain circumstances. included because you must declare rent you receive on your tax return. When filing your income tax return with Tax Monster, our experienced accountants can look for ways to minimise any capital gains tax you are due to pay, along with ensuring you are compliant with your obligations.