ABATax

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20 Important Questions To Ask Your Property Tax Specialist

 

From tax-free cashflow, to a secure retirement plan, there are many reasons why investing in property is a great financial decision. However, property investors do face a number of unique issues, which can lead to less-than-desirable circumstances if they don’t seek tax and law advice from an experienced Property Tax specialist.

 

Choosing your Property Tax specialist isn’t something any investor should rush into. There are a number of important things to consider when hiring someone to give you the tax and law advice and support you need to get the most out of your investments. In addition to assisting investors to lodge tax returns online, and providing other taxation and accounting services, your property tax specialist can help you structure your property investments to minimise your tax, maximise your returns and protect your assets - all while keeping the ATO happy!

Initial discussions with your property tax specialist should include topics such as age, marital status, children, lifestyle and future plans, before delving into your financial position, existing assets and liabilities, cash flow, salaries, investments and expenses. Asking lots of questions is essential to the success of your property investments, but in case you’re not sure where to start, here are 20 important questions to ask your property tax specialist.

 

 

  1. Can you help me develop a safe system and strategy for success in my future property purchases?
  2. How should I structure my property portfolio to maximise tax advantages and minimise expenses such as land tax?
  3. Is there a way to track and manage my portfolio performance in real-time, all year round?
  4. What’s the safest way to structure my debt?
  5. Can I buy property with my SMSF?
  6. How do I set up a Bare Trust?
  7. I need to increase my cashflow, should I sell or hold? Which property should I sell?
  8. How much Capital Gains Tax will I pay if I do sell?
  9. I’m purchasing a property with the First Home Owner's Grant - should I rent or live in the property?
  10.  What are the Capital Gains and Income Tax implications if I move overseas to work, but still want to rent out my property?
  11. I’m renovating - what expenses can I claim as a deduction?
  12. Are there any GST implications when I put the renovated property on the market?
  13. What tax deductions am I eligible for on my rental property?
  14.  Is there a way to minimise Land Tax?
  15.  I bought a new house using the old house as security, and now I’m renting out the old house. Can I claim the interest as a deduction against the rental income?
  16.  A developer has offered me a subdivision deal - is there any tax on subdividing the land and selling?
  17.  For cash flow purposes, it better to have a positive or negatively geared property investment?
  18.  What are the tax implications of transferring a property?
  19.  When selling a property in a Joint Venture, how do we reflect the different amounts contributed in the purchase of the property?
  20.  Are there any software solutions that can simplify things when I lodge tax returns online?

The Australian Tax System will impact every investor differently, depending on their unique circumstances, family situation, short and long term goals, as well as their lifestyle. For this reason, it’s important to make sure your Property Tax specialist is not only someone with plenty of practical experience and technical expertise, but someone you can really talk to, who takes the time to understand your unique situation and investment objectives. ABA Tax are hands-on Property Tax specialists with over 20 years experience in property investment and the Real Estate industry. Our friendly team of experts are always available for a chat - even if you just need some advice!