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Rental Property

Tax Compliance

Rental Property Tax Compliance has gone through a raft of changes recently. The old income less expenses principles doesn't really apply anymore. 

And whilst these new rules are complex, the tax benefits of rental properties are still available and can be quite lucrative. 

We at SNA Advisory make sure that every possible deduction is found to ensure the maximum tax benefit is sought. We look at:

  • Obtaining a Quantity Surveyors Report to ensure the correct amount of Capital Works deductions are claimed;

  • Ensuring all costs are picked up;

  • Mortgage review to determine if our clients can obtain a better rate or a better structure in their finance;

  • Comprehensive review of maintenance costs to determine capital costs vs expendible costs.

  • Amongst other things.

 

Scenario

A new client had come to us. We asked some basic information regarding their rental property. One of the most basic questions being when it was built. Not even the client knew exactly. We asked them to investigate. Upon their return we determined that based on the age of the property and the estimated cost of building it was prudent to engage a quantity surveyor to produce a deprecation schedule to ensure the maximum deductions are claimed.

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