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
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 MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Should be same across all states.
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This reply was modified 7 years, 7 months ago by
PropertyGuru31.
For the most part, yes — the income tax side of property investing is the same across all states and territories because it’s governed by federal ATO rules. Rental income, deductible expenses, depreciation and negative gearing all work the same way, and the process of giving your accountant rental statements, loan interest, and expense records is essentially identical everywhere.
Where things differ is state-based taxes, mainly land tax and stamp duty. Each state has its own thresholds, rates and rules, which can affect cash flow and long-term strategy, but these don’t change how your annual income tax return is prepared.
So in short: same tax return process, different state costs to factor in.
jon-smith | KPG Taxation
https://www.kpgtaxation.com.au/
Email Me | Phone Me-
This reply was modified 7 years, 7 months ago by
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