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South Coast Property Specialists (Carlene Franzen) Tips #1150:

It’s Tax Time

Tax me is an important period for real estate investors in New South Wales (NSW) as it is the me when they need to file their tax returns and report their income and expenses for the financial year. This is a crucial period for investors as it can determine their tax liability and impact their cash flow and profitability. In this ar cle, we will discuss tax me in real estate in NSW and the key things that investors need to know.

Firstly, it is important to understand the tax obliga ons of real estate investors in NSW. Investors are required to report their rental income and claim deduc ons for expenses related to the property such as interest on loans, repairs and maintenance, property management fees, and council rates. Investors can also claim deprecia on on the building and its fixtures and fi ngs.

One of the key thing’s investors need to do during tax me is keep accurate records of their income and expenses. This can include rental statements, invoices, receipts, and bank statements. Investors should also keep records of any capital improvements made to the property as these can be claimed as deduc ons over a period.

Another important considera on for investors during tax me is the ming of their expenses. Some expenses such as interest on loans and property management fees can be claimed in the year they are incurred, while others such as repairs and maintenance may need to be depreciated over a period. Investors should also be aware of any changes to tax laws and regula ons that may impact their deduc ons and obliga ons.

One of NSW's most significant tax implica ons for real estate investors is the capital gains tax (CGT). CGT is a tax on the profit made from the sale of an investment property. The amount of CGT payable depends on a range of factors such as the length of me the property was held, the purchase price, and the selling price. Investors can reduce their CGT liability by claiming deduc ons for legal fees, adver sing costs, and stamp duty expenses.

Finally, it is important for investors to seek professional advice from a tax accountant or financial advisor during tax me. These professionals can provide guidance on tax obliga ons, deduc ons, and strategies to minimise tax liability. They can also assist with the prepara on of tax returns and ensure that investors are compliant with tax laws and regula ons.

In conclusion, tax me is a cri cal period for real estate investors in NSW. Investors need to be aware of their tax obliga ons, keep accurate records of income and expenses, and seek professional advice to ensure they are compliant with tax laws and regula ons. By doing so, investors can maximise their deduc ons, minimise their tax liability, and enhance their cash flow and profitability.