InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

Thinking of Turning Your Home Into a Rental Property?

January 31, 2018

There are a few things to consider before you jump in and make this happen. Ownership structure, tax implications and debt allocation are the main factors – if you don’t get these right from the start they can affect you negatively for several years, you could end up paying extra income tax when really there is no need to! By talking with us first, …

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Rental Property – Brightline Test

Just a reminder that new property rules have come into effect from 1 October 2015 and the biggest impact is the addition of a “capital gains” tax on properties if you buy and sell within a 2 year time-frame. There is a main home exemption, however this can also fall under the new rules if you’re regularly upgrading. It is best to check with …

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Buying a Commercial Property?

To get the best tax deductions available for depreciation on a commercial building fit-out you will need to: Have an independent valuer prepare a fit-out valuation immediately purchasing a property. They will need to provide a report that splits out fit-out items with the appropriate value for each item. Please note: If you don’t get an independent valuer to do this fit-out report you …

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Repairs On a Rental Property – Are They An Expense or Improvement?

You are only allowed a deduction for repairs and maintenance where the expenditure is required to maintain an asset in the condition it was initially acquired. If you add something extra to the house – this is likely to be an improvement and claimable for depreciation only. Please note however, that buildings with a life span of over 50 years are not depreciable for …

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Advertising and Commission Costs When Selling a Rental Property

If you pay costs to advertise the sale of your rental property, these are not claimable as an expense but will come off the sale price once the property is sold. This is the same for commission paid to an agent when selling the property – it will reduce the sale price.

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