Tax and Accounting for Property Investment – Accountant Box Hill
Investing in property has become a popular wealth accumulation and investment option in Australia. Depending on the Property Market, it tends to offer safe and simple investment opportunities, with vast property-type choices. From residential housing, to land and commercial listings, investment properties can constitute a major part of total assets for Individuals, Businesses and Companies. How your Investment Property’s tax and accounting work is prepared could have a substantial impact on your return, so it is essential to seek the right services and advice.
At MAS Tax Box Hill, it is our focus to provide you with high quality services and ensure that your property investment’s tax and accounting is accurately completed. We like to take a personalised approach, and develop a full understanding of your tax and accounting situation. Using our extensive research into tax laws and accounting practices, leading software, integrated systems and years of knowledge, we can provide you with the needed services.
There are many benefits to purchasing a property investment, including:
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Control over investment
Have more control over your investment, such as the property type, location and rental charge. The decisions are made by you!
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Rental Income and Tax Deductions
Provide yourself with a long-term source of income. With our growing population and expanding cities, it is highly likely that your investment property will be required by a tenant. Although the income tax will apply, you will be able to claim certain expenses back on your tax return. These tax deductions could include:
- Real estate agent fees
- Council rates
- Insurance
- Maintenance and Repairs
- Depreciation on capital works
Remember to keep your receipts, invoices or relevant documentation to be able to make these tax claims. At MAS Tax Box Hill, we can provide you with the tax services and support to make these deduction claims and feel organised for the New Financial Year.
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Capital growth
The value of your property should increase over time, which could be very beneficial. For example, if you were to invest in a $300,000 property and expect an annual value increase of 5 per cent, after 10 years property would be worth $488,668. That’s an approximate increase of $189,000.
Of course, you should always seek advice before, during and after purchasing your investment property. At MAS Tax Box Hill, we can provide the tax and accounting support that you need to successfully manage your administrative and legal obligations.
If you are looking for expert advice regarding the tax and accounting treatment of property investments, please contact us below or call us on (03) 9772 2998
