Tax Tips

1. A Quantity Surveyor Report can allow you to make a legitimate tax deduction based on not only internal and external fixtures and fittings, but also the construction cost of the property.
2. Interest only loans mean that the total loan repayments are tax deductible so your property can remain negatively geared over the rental period. This will reduce your cashflow impact. Any principal repayments that you wish to make can be allocated to your non-tax deductible home mortgage.
3. Remember to record details of any travel expenses incurred to inspect your property.
4. Structure ownership of the property in the right way to ensure the most tax effective split between you and your partner.
5. There are also tax effective ways of salary packaging the rental property expenses to reduce your taxable income.

Adding a property to your portfolio can give you the benefit of extra cash from your tax return refund. Then what you do with it is up to you. Make an appointment with one of the tax advisors at Hansens Accountants and we can not only maximize your refund but also discuss options regarding how you can best utilize your refund.

Call our office on (03) 8805 8000, or visit our website – www.hansens.com.au