Accountant Mooroolbark – Investment Property Tax

With 2 interest rate cuts made by the Reserve Bank of Australia in Financial Year 2014-2015 (FY2015), the cash rate has been sitting at 2% for nearly 6 months. The low interest rate is attracting more and more Australian families to turn their focus into the investment property market. Our professional Accountants in CLY Tax Accountants & Bookkeepers Mooroolbark office have been sitting down with many individual and family property investors, from surrounding suburbs including Mooroolbark and Chirnside Park, to provide investment property related consulting, analysing and Taxation services according to their enquires.

Residential property and commercial property are two main categories of investment property. On accounting and tax, there are many different issues or enquires raised from each property category. We have just listed a few common enquires received from our local clients in the local areas including Mooroolbark, Chirnside Park, and Kilsyth.

Commercial property:

  • How to deal with the Goods and Services Tax (GST) related to investing commercial property? Is that claimable?
  • Who will pay the outgoings including council rate, electricity, water and insurance?

Residential property:

  • What can be claimed if only part of the residential property is rented out?
  • Can the renovation cost be claimed before renting the property out?
  • What will be the Capital Gain Tax (CGT) consequences if the primary residence is rented out?

Common questions:

  • How many expenses can be claimed?
  • How to maximise tax deduction for both residential and commercial property?
  • Is the Building Depreciation Report helpful for tax purpose and how can that be done?
  • What structure is best for investing in the rental property?
  • Can the interest be claimed on the land before the investment property is being built?
  • What will be the tax impact for property refinance or mortgage consolidation?
  • Can the prepaid property expense being immediately deducted?
  • Can the $20,000 instant tax deduction be applied for investment property?

If you have met any above question or you have any other question related to residential or commercial investment property tax , feel free to Contact our CLY Tax Accountants & Bookkeepers Mooroolbark office either by telephone or email. Our accountants with investment  property expertise are more than happy to be your tax/accounting personal assistant for investing any commercial or residential property.

We always try our best to provide clients with most up-to-date accounting and taxation advice to assist them make informed investment decision. Moreover, we also help clients all along the way with their investments to make sure every year’s Tax Return is done properly and every tax deduction is legitimate and well supported.