Chesterton Accounting is growing again and we are currently looking for an experienced accountant to join our small team in preparation for tax time. The accounting position will commence in April and we are very excited to introduce our next team member to all of our clients. Stay tuned by following our Facebook page to see who our new accountant will be next month.
Monthly tax tip:
Investment properties, including residential and commercial can be a great tax deduction. Any investment losses, including that from an investment property can actually be used to offset taxable income, which will reduce the tax liability. Investment property deductions can include council rates, landlord insurance, garden maintenance, general repairs, advertising, depreciation of fixtures and fittings as well the interest and fees paid on the property loan. These deductions will offset the rental income received and may result in a loss. This loss can then be claimed against other income received including wage, business and other investment income. Majority of investment properties are negatively geared, meaning that they are a long-term investment and you shouldn’t expect to really make some earnings until you sell the property. So, this investment can be a great choice for someone who has a high taxable income and can afford to invest some of their personal capital whilst reaping the tax benefits. We do recommend discussing your options surrounding investments with your financial advisor. However, if you would like to know more about claiming rental property deductions and losses then please contact us.
If you would like to schedule a consultation with us then please jump onto our website where you can see our availabilities and book a time that suits you.