Property Tax – Bottrell Accountants – The Leading Accounting Professionals in Australia

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Our team of specialist Property Tax experts service investors in Newcastle, Maitland and the Hunter Regions. Our team will support and advise you when making investment decisions that have the potential to significantly affect you and your family.

Ask yourself

Are you liable for Property Tax?

Property Tax has significant implications on your Income Tax Return and should be reviewed by a tax professional to ensure that you are correctly reporting your income or losses. Most homes are exempt from Property Tax except in the following circumstances:

Your Home

If you use your home to produce income, or you rent out all or part of it to another person, you will have to include this on your Income Tax Return. You may have to pay CGT when you sell your property, however you may also be able to claim deductions for some of the expenses you incur.Read More »

Inheriting property

If you inherit property from someone who has passed, you may be liable to pay CGT. In most circumstances, CGT is usually exempt when the property is transferred to the deceased person’s executor, to their beneficiary, or to their legal representative. If you inherited the property after 20 September 1985 you later sell or dispose of the dwelling, CGT may apply.Read More »

Vacant land and subdividing

Property tax on vacant land and subdividing depends on whether it is classified as a capital asset, or as included in a commercial transaction. Vacant land is mostly seen as a capital asset which is subject to CGT. In the latter circumstance, sale proceeds of land included in a commercial transaction may be considered as ordinary income and will be subject to Goods and Services Tax (GST).Read More »

Property used in running a business

If you use your property for earning income you must include the income in your tax return. If you own, lease or rent property that is used for business purposes you will also need to include rental income on your Income Tax Return. You may be able to claim tax deductions on some property expenses, however you will also be liable for capital gains tax on any income earned if you sell the property.Read More »

If any of these categories apply to you, call us to arrange an appointment so that we can answer any questions you may have. Property Tax can be confusing, so let our team of Property Tax Professionals take care of your taxation obligations.

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