Well, the first week of the new year has passed already. Now is a good time to think about what to expect from your rental property during 2012. Did your choices last year put you in a better or worse position?
Do you have the information needed to make wise decisions this year to expand your property wealth creation? As a start, most property investors will know there are many tax deductions to be claimed in relation to their rental properties. But what about the legitimate deductions you are not claiming?
For example, are these some of them?
What is My Prop?
The best online property investment advisor and manager, working for you
Knowledgeable, Comprehensive, Independent and more powerful than a Spreadsheet
- Track, maintain and manage all income, expenses, depreciation and deductions
- Saves time, money and gets more tax back
- Build more wealth, faster
Approximately 1.75 million Australian Tax payers own residential rental property investments with many owning more than one rental property.
The ATO carry out in the region of 4,000 reviews and audits annually. A figure in the region of $33 billion is claimed annually in respect of rental investment expenses and about $5 billion is refunded by the ATO in respect of negative gearing.
What is My Prop?
The best online property investment advisor and manager, working for you
Knowledgeable, Comprehensive, Independent and more powerful than a Spreadsheet
- Track, maintain and manage all income, expenses, depreciation and deductions
- Saves time, money and gets more tax back
- Build more wealth, faster
