All Topics / General Property / Property accounting and tax differences across Australian states

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  • Profile photo of ajayayyarajayayyar
    Participant
    @ajayayyar
    Join Date: 2005
    Post Count: 176

    Hi all,

    I was wondering if the process for submitting tax returns associated with property investing identical across all 6 states and 2 territories in Australia.

    For example, is the process of submitting all of income/rental statements, mortgage statements, and expenses to your accountant at end of financial year essentially the game across all states? And also the depreciation and negative gearing processes – are they also the same across states?

    Just wanted to understand if there is something unique that happens in particular states in Australia.

    Any info from someone familiar with this would be a big help.

    Cheers

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Income tax is a commonwealth tax so only one tax return for income in Australia.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of PropertyGuru31PropertyGuru31
    Participant
    @propertyguru31
    Join Date: 2018
    Post Count: 8

    Should be same across all states.

Viewing 3 posts - 1 through 3 (of 3 total)

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