| From : theyounginvestor.com.au
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Being a responsible investor is more than just buying a property. You will want to make sure that everything you own is protected – from any event. Having insurance is an integral part of owning anything, whether it’s a car, house or just your property contents.
Home owners insurance is required to be able to hold a mortgage, and car insurance is required for a car loan. By finding the right insurance you will protected against any accidents and (hopefully) won’t have to make repayments on... Read Full Story
| From : theyounginvestor.com.au
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| From : theyounginvestor.com.au
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All types of income producing properties have substantial taxation benefits available to be claimed as a tax credit. Many property investors are missing out on thousands of dollars in tax depreciation deductions. Both new and old properties will attract some depreciation benefit that the owner is able to claim as a tax credit.
A common myth is that older properties will attract no claim . Therefore it is worth making an enquiry about any property. When a property owner has not been claiming... Read Full Story
| From : theyounginvestor.com.au
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The Australian Taxation Office (ATO) differentiates between repairs and improvements.
To ensure the best results are obtained from an investment property, it is important to understand the difference between the two claim options.
Definitions
Deductible Repair: Returning items or property to their original state; an exercise in retaining the value of the item or property. Repairs attract an immediate 100% deduction in the year of expense.
Improvement: Improving the condition of an... Read Full Story
| From : theyounginvestor.com.au
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| From : theyounginvestor.com.au
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I have been thinking alot lately about the property market. As the market slows, property prices drop. Strangely, some people refuse to get into the market at this time! Historically, property has always rebounded to higher prices than before a recession. Yes, EVERY single time in history. We all know that history repeats, so here are some investment tips to help prepare you for the next upturn.
A little extra information can always help you to get one step ahead in property investment... Read Full Story
| From : theyounginvestor.com.au
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Are you maximising your common property benefits?
Common property refers to the areas within an apartment complex or development that are shared between owners. In general, common areas are designated areas of a building or land that are available for use by all occupants, tenants or owners. More complicated common areas exist whereby access to certain common areas is restricted by the entitlement the owner is granted over these areas. Investors don’t often realise that common property... Read Full Story
| From : theyounginvestor.com.au
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A: The low-value pool is an effective rule allowing an increased depreciation deduction available to most investment property owners. Any asset in a rental property which costs less than $1000 can be included in the low-value pool and written off at an accelerated rate of 18.75% in the first year of ownership and 37.5% each year thereafter. There is often confusion concerning assets which form part of a set when their total cost exceeds $1000. For example, if a house has six sets of blinds... Read Full Story
| From : theyounginvestor.com.au
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Q: What is low-value pooling?
A: Low-value pooling is a way of depreciating plant items which cost less than $1000 or have an un-deducted cost of less than $1000. The following types of depreciable assets can be allocated to a low-value pool:
Low-cost assets – A low-cost asset is a depreciable asset that has an opening value of less than $1000 in the year of acquisition.
Low-value assets – A low-value asset is a depreciable asset that has a written down value of less than $1000... Read Full Story
| From : theyounginvestor.com.au
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When a tax depreciation report is prepared, your tax specialist should take into consideration any renovations carried out by previous owners.
Even though you may not have carried out the work yourself, there may be depreciation deductions for you to claim.
A thorough site inspection is undertaken on your property and further council searches can also expose previous renovations carried out on the property. Always consult a depreciation expert about your entitlements. Maximising the... Read Full Story
