On 15 July 2024, the Australian Taxation Office (ATO) reminded rental property owners to correctly classify their deductions for repairs and improvements in their income tax returns. Proper classification is essential for compliance with tax regulations and to maximize tax benefits. Here’s a comprehensive guide to help you understand the differences between repairs, maintenance, capital…
Read more
As of 7 March 2024, the Australian Taxation Office (ATO) has reiterated the application of a 12.5% foreign residents capital gains withholding (FRCGW) on all property transactions exceeding $750,000 conducted by non-resident individuals. This entails withholding a minimum of $93,750 from the sale proceeds, unless a variation is approved. Variations Vendors are eligible to seek…
Read more
Whether you own a holiday home solely for personal use or rent it out to others, there are crucial tax considerations to keep in mind.
Vacant land ownership presents a unique set of considerations within the realm of taxation, both preceding and following July 1, 2019.
Listen to our Principal, Teddy Kosasih FCPA CA, explaining what you can claim on interest on rental property loan this year. For more information please contact our team on 02 9267 4468 or [email protected]. Please visit our website on www.maxgrowth.com.au for an up to date information.
Negative gearing is the term given when interest paid on funds borrowed to finance the acquisition of an income-generating investment (eg a rental property, shares which generate dividends, or any other investment that generates assessable income) exceeds income received in the short-term, ie the investment produces a net tax loss for the year. There is…
Read more
