Investment Property Advice
When purchasing an investment property you need to keep your records right from the start!
Canny Accounting have a wide range on expertise when it comes giving advice on investment properties. We can assist you with ensuring that you’re keeping the right records from the start and work out what you can and can’t claim as deductions.
If you buy the property with someone else, you’ll also need to work out how to divide the income and expenses. If you make a profit from renting your property, you may need to make pay as you go [PAYG] instalments towards your expected tax liability. Generally, you only declare the income you earn from a property and claim related expenses if your name is on the title deed.
If you buy a property, the date you enter into the contract – not the settlement date – is your date of purchase for your capital gains tax purposes. Apart from buying, you can obtain a property by inheriting it, receiving it as a prize or gift, or having it transferred to you as a result of a marriage breakdown.
To find out more on investment properties, download our free guide!