What can you claim on your investment property to minimise the amount of tax you have to pay while at the same time maximising your return on investment?
One of the great things about investing in property is they can claim a lot of your expenses and therefore that can help you save a great deal of taxes. But what can you claim on your investment property? That's what I'm going to be covering in today's episode.
What can you claim on your investment property so that you can maximize your deductions and hopefully minimize your tax?
I just want to throw out a disclaimer that I am not a tax accountant, I'm not a financial advisor and therefore this is for educational purposes only and should not be considered as taxation advice.
I want to talk quickly about tax deductions versus tax evasion, because one is legal and one is a illegal and it's so easy to make money legally that we don't want to step over the illegal side of things because you can't enjoy your life when you're in jail. So the framework that I like to use myself and that I'd like to share with you is to consider a property, something that makes you money.
Now, with the property comes expenses, but if those expenses help you to run the property so that makes you money, well then it's likely to be a tax deduction. If you have expenses that you just try to weasel into your property but don't actually work with the property to make you more money or to sustain the property, so it continues to make you money, well that's probably on the side of tax evasion, so just make sure that you're very careful with tax deductions and tax evasion. So here is my list or items that you can claim on your investment property.
http://onproperty.com.au/156 - Visit the site for a full transcription and downloadable audio version of this video.
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property tax What Can I Claim On My Investment Property? (Ep156) | |
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