Investment Property Tax Deductions

SMSF Related Party Rental Income Deferrals Due To COVID‑19

By Warren Kruger / February 12, 2021 / 0 Comments

  | | | The ATO has made a determination to ensure that trustees of SMSFs do not inadvertently breach the “in-house asset rules” where the fund allows a related party to defer the payment of rent under a lease agreement (on arm’s length terms) because of the financial impact of COVID‑19. Where the requirements […]

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Deferrals of Interest Due to COVID-19

By Warren Kruger / November 16, 2020 / 0 Comments

  | | | Many lenders have recently allowed borrowers with investment property loans to defer repayments for a period of time. While repayments are being deferred, interest (and fees) will usually be added to the loan balance (i.e., the deferred interest will be ‘capitalised’). However, it is important to recognise in such situations that, […]

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ATO On Property Investments

By Warren Kruger / April 28, 2020 / 0 Comments

  | | | The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they should know, such as: they need a clearance certificate from the supplier when buying property over $750,000; they may have to pay the GST on the sale of brand new residential […]

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New Vacant Land Tax Measures

By Warren Kruger / April 18, 2020 / 0 Comments

  | | | A new ‘vacant land’ measure limits the deductibility of costs incurred on or after 1 July 2019 (i.e., from the 2020 income year) that relate to holding vacant land, even if the land in question was first held before that date. Importantly, however, the new provisions include (amongst other exceptions) a […]

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ATO Rates And Thresholds

By Warren Kruger / August 15, 2019 / 0 Comments

  | | | The ATO has updated a number of rates and thresholds on their website, including the following.   Division 7A – Benchmark Interest Rate The Division 7A benchmark interest rate for the 2020 income year is 5.37% (up from the rate for the 2019 income year of 5.20%).  Car Cost Limit For […]

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Tax Office to Double Audits of ‘Dodgy’ Rental Deductions

By Warren Kruger / June 13, 2019 / 0 Comments

| | | Rental property owners are being warned to ensure their claims are correct this tax time, as the ATO has announced it will double the number of audits scrutinising rental deductions, with a specific focus on: over-claimed interest; capital works claimed as repairs; incorrect apportionment of expenses for holiday homes let out to […]

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