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our rental property services aim to provide peace of mind to property investors by ensuring their tax obligations are met accurately, legally, and in a way that maximises their financial position.

01.

Tax Return Preparation and Lodgement

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  • Accurate Income Declaration: Assisting clients in accurately declaring all rental income, including rent received, bond money retained, insurance payouts, and other assessable amounts.

  • Maximising Allowable Deductions: Identifying and claiming all eligible rental property expenses to reduce taxable income. This is a core service and includes:

    • Interest on loans: A significant deduction for loans used to purchase or renovate the property.

    • Property Management Fees: Fees paid to real estate agents for managing the property.

    • Council Rates, Water Charges, and Land Tax: Taxes and charges levied by local and state governments.

    • Body Corporate/Strata Fees: For properties in strata schemes, these cover common area maintenance.

    • Repairs and Maintenance: Costs incurred to fix damage or maintain the property (distinguishing from capital improvements).

    • Depreciation (Capital Works & Plant and Equipment): Claiming deductions for the wear and tear of the building structure and its fittings and fixtures. This often involves working with quantity surveyors to obtain depreciation schedules.

    • Advertising for Tenants: Costs associated with finding new tenants.

    • Insurance Premiums: Landlord insurance, building insurance, and contents insurance.

    • Legal Expenses: Costs related to lease agreements, tenant disputes, etc.

    • Borrowing Expenses: Loan establishment fees, lender's mortgage insurance, etc., often claimed over five years.

    • Utilities: Where the landlord is responsible for paying these (e.g., common area electricity).

    • Accounting Fees: Fees paid to the tax agent for preparing the rental property tax return.

 

02.

Tax Planning and Advice

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  • Optimising Ownership Structures: Advising on the most tax-effective structure for holding rental properties (e.g., individual, trust, company, SMSF) to minimise tax and protect assets.

  • Forecasting and Cash Flow Analysis: Helping clients understand the financial impact of their rental property investments, including future tax liabilities and potential cash flow issues.

  • Understanding Legislative Changes: Keeping clients informed about changes to tax laws that impact rental properties (e.g., changes to travel expense deductions, depreciation rules).

  • Pre-purchase Advice: Providing tax advice before a client acquires a rental property to ensure they understand the ongoing tax implications.

  • Negative Gearing Optimisation: Advising on and calculating the impact of negative gearing, where rental expenses exceed income, allowing the loss to be offset against other taxable income.

  • Capital Gains Tax (CGT) Calculation and Planning:

  • Advising on the tax implications when selling a rental property.

  • Calculating CGT payable, including applying the 50% CGT discount for properties held over 12 months.

  • Strategies to minimise CGT liability

03.

Other services

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Record Keeping Assistance:

  • Guidance on ATO Requirements: Educating clients on the types of records they need to keep for their rental property and for how long, to support their deductions.

  • Organising Financial Information: Assisting clients in collating and organising their rental income and expense records throughout the year to simplify tax time.

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 Liaising with the ATO:

  • Correspondence and Enquiries: Handling communications and enquiries from the Australian Taxation Office (ATO) on behalf of clients regarding their rental properties.

  • Audit Support: Representing clients in the event of an ATO audit related to their rental property.

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Specialised Services (depending on the firm):

  • Depreciation Schedule Procurement: Arranging for a quantity surveyor to prepare a comprehensive depreciation schedule.

  • Property Investment Strategy Development: Working with clients to develop long-term property investment strategies that align with their financial goals.

  • GST implications: Advising on GST for specific property transactions, such as property development.

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