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Tax season is coming again! Let Xintong declare tax for your(2)
Australia's annual tax season has begun, and everyone is busy preparing materials for accounting help. In Australia, whether you live in Australia or own an Australian investment house, you can refund tax in many ways. Then follow us and have a look.
 
According to the Australian Tax Law, any person who generates income in Australia must pay taxes, and in accordance with the progressive incremental tax, that is, the higher the income, the higher the tax rate.  This shows that Australia's personal income tax is still relatively high.  Therefore, how to reasonably reduce tax revenue is very important.
 
Tax expenditure is everyone's obligation. In order to avoid too much tax burden, the Australian government has set up a tax rebate policy in many ways to avoid unreasonable tax burden.
 
Tax season is coming again! Let Xintong declare tax for your investment house!
 
So what are the benefits of landlords? How to avoid tax reasonably?  Let's help you get the maximum return on investment housing.
 
NEGATIVE GEARING
 
If the house is used as an investment or rent, the expenditure of the house can be deducted from tax. That is to say, when the expenditure is greater than the rental income, the extra part can offset the total annual tax income of the individual, so as to achieve the purpose of reducing the tax payable. This is the so-called "tax deduction".
 
For high-income people, it is an effective way to purchase a second property under their own name as an investment house to declare rent income.
 
The tax deduction brought about by investment housing, some people have actually taken back thousands of Australian dollars of tax rebate!!!
 
Tax season is coming again! Let Xintong declare tax for your investment house!
 
So which items can be declared tax rebate?
 
Can you declare tax refund for those expenses of real estate?
 
Advertising for tenants is the advertising fee incurred by investors when they recruit rent.
 
Body corporate fees / Strata fees. Usually Apartment, Unit and Townhouse have related property management fees.
 
Land tax, usually a house with land.
 
Borrowing expenses are expenses incurred in the process of processing loans. For example: Loan establishment fees, if the cost is less than $100, it can be refunded once in the year, and if it is more than $100, it will be amortized over five years.
 
Cleaning, about the cost of clean investment housing.
 
Depreciation expenditures of municipal fees (Council rates) housing and facilities. In a property depreciation assessment report issued by a professional appraisal agency, the amount that can be declared annually is determined according to Division 40 and 43 in the report.
 
Gardening and lawn mowing are expenses incurred for investing in the renovation of gardening houses.
 
Insurance Interest on Housing Loans. If an investment house is purchased through a loan, the interest on the loan can also be refunded for legal fees. Please note that the lawyer's fee incurred when buying and selling a house cannot be included in this item.
 
Pest control
 
Property agent fees. If the investment house is managed by the intermediary, the management fees charged by the intermediary can also be refunded.
 
Repairs and maintenance can be refunded if the house is partially damaged or needs to be maintained.
 
Stationery, telephone and postage, postage from correspondence between landlords and housing management intermediaries, and telephone charges for contacting rental matters, stationery fees can be refunded.
 
Travel expenses, the transportation expenses incurred when visiting a house or collecting rent. For example, if the landlord himself is in Sydney or overseas and his investment house is in Melbourne, he can refund the tax on the transportation expenses incurred if he wants to deal with the rental matters from Sydney or overseas to Melbourne.
 
Water charge, the water charge paid by the landlord for the rental house (water service fee, sewer system service fee, water network service fee), note that the water fee paid by the tenant can not be included in the tax rebate.
 
Sundry rental expenses for other houses can include some piecemeal miscellaneous expenses.
 
Tax deduction for high-loan investment housing
 
People who invest in real estate usually rent out their houses to cover their mortgage repayments at rent. And many high-income people, such as doctors, lawyers, certified public accountants and so on, will increase the amount of loans for investment housing to 85% or even 95%.