by Financially Sorted | Jan 31, 2025 | ATO, Property Investment, Tax & Accounting, Tax Returns
Records of around 2.2 million landlords, tenants and property managers will be used to track down underreported income by the ATO. The ATO is ramping up its scrutiny into millions of landlords’ tax affairs to catch those who fail to lodge income tax returns and who...
by Financially Sorted | Aug 8, 2024 | Property Investment, Tax & Accounting
Under the main residence exemption your family home is exempt from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, is it ever that simple? A home is generally considered to be your main residence if: It is where you and your family...
by Financially Sorted | Aug 8, 2024 | Property Investment
Finding the right investment property for you is different from finding your own home. At the end of the day, the objective of buying an investment property is to make a decent financial return – whether that’s through rental income and / or capital growth. That’s why...
by Financially Sorted | May 30, 2024 | ATO, EOFY, Property Investment, Tax Returns
The Australian Taxation Office (ATO) are looking closely at expenses related to rental property including interest apportionment for private expenditure, depreciation for initial repairs and other capital deductions, and borrowing expenses. Avoiding these common...
by Financially Sorted | Apr 1, 2024 | Land Tax, Property Investment
Navigating the intricacies of Land Tax can often feel challenging for property owners. As jurisdictions impose varying regulations and rates, understanding your obligations can be a daunting task. With concerns mounting over escalating land tax liabilities, it is...
