If you have an investment property, there are lots of strategies you should be aware of that could minimise the amount you’re handing over to the ATO each year. Monica Rouvellas, owner of three investment properties, talked Your Investment Property Magazine through her top tips for navigating tax time.
With another tax season looming, 90% of landlords across the 2020-2021 tax reporting period prepared incorrect tax returns, requiring adjustments to net rental income. To avoid potential pitfalls or issues arising this tax reporting period, industry professionals have weighed in to help you put your best foot forward.
Depending on your income level, capital gains tax or CGT could eat away as much as 45% of your profits when you sell your investment home - but there may be a way to avoid this.