Charlesworth Real Estate Property Management Services

Top things property investors should consider before EOFY tax time

One of the questions we most often get asked by our clients is “What should I be doing as a property investor before the End of Financial Year?”

Generally the answer to this question is best answered by your tax accountant, preferably one that specialises in all the different taxes that apply to property investment, from Capital Gains Tax, Income Tax and Goods and Services Tax right through to the State-based stamp duty and land tax regimes.

If you haven’t got a good tax accountant, now is the time to get one in your corner!

In this tax-time blog series we pose a few specific questions property investors should consider asking themselves (and their accountant) well before 30 June.

#1 – Is now (or later) a good time to sell a property?

Sometimes there can be a dramatic difference in tax consequences if you sell a property this financial year compared to selling it next year.

There is no point waiting to time the disposal of a real estate asset if that delay will mean that the increased fruits you receive from your hard work are simply eroded by an increased share having to be paid over to the tax man.

Get your accountant to run some estimates on what you would pay to the ATO this financial year compared to next.  Be sure to include in your calculations the added holding costs you will incur, including whether you will pay land-tax for holding the property over 30 June!

If you have a good reason for a sale to fall in a particular financial year talk to us about certain tricks of the legal trade we have up our sleeve that may suit your circumstances.

Stay tuned for some more helpful tax-time tips …

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