Last year, important changes to tax deductions for property investors were announced. For some investors, the changes may have a significant impact on the annual deductions you can claim on your rental properties. Here’s what you need to know about the changes when doing your tax this year.
No matter where we turn – change seems to be a constant part of everyday life. In early May 2016, the government brought down a budget that heralded significant changes to superannuation. At the time of writing most of the superannuation announcements were due to take effect from 1 July 2017.
Don’t you just love getting a tax refund? Whilst nobody enjoys all the paperwork that goes with filing a tax return, getting it right can be rewarding particularly if you’re a property investor. Here are some tips to help you maximise your tax benefits this financial year if you are a property investor.
Are you thinking about investing in property this year? One of the reasons why investing in property helps you to build wealth is that it offers you various tax deductions. But many first time investors are unaware of all the tax deductions that may be available. One of the tax deductions you can claim on your investment property that is frequently overlooked, particularly by first time investors, is depreciation. What is a depreciation table and why do I need one?
As APRA tightens the rules on property investment lending, the Reserve Bank of Australia has decided to keep the official cash rate on hold at 2.0 per cent during its August meeting today. The news was widely expected by analysts as the RBA waits for business and consumer confidence to improve following its rate cuts in February and May this year.
As Winston Churchill said “Attitude is a little thing that makes a big difference.” So this financial year, take a fresh approach to your finances. This update presents key observations arising from the 2015 Budget. The devil will be in the detail and each measure is subject to being passed into legislation.