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Top tips for tax time

Jun 26, 2014

Tax time; those two simple words strike horror in the hearts of millions of taxpayers.
Over 1.88 million people claimed more than $41.8 billion in rental deductions in their tax return last year. With June 30 rapidly approaching, it is time to do some urgent tax planning. Here are some excellent tips from Dr Adrian Raftery, a senior lecturer at Deakin University and author of 101 Ways to Save Money on Your Tax - Legally! 2014-2015 edition (Wrightbooks, June 2014, AU$24.95), for you to action and maximise your tax refund from your rental property this year.
Renting out your property can be a great way to earn some extra income, but there are tax implications that it's important to be aware of before you put your home on the market. The most significant of these is the capital gains tax, or CGT, that you must pay upon the eventual sale of your investment property. However, by taking a closer look at how the CGT is calculated, you may find an exemption that you qualify for. There are certain exemptions allowed by the Australian Taxation Office, including those who rent out their primary residence.
Today the ATO has released "Compliance in focus 2013-14" which replaces their previous annual compliance program booklet. This new online product, which the ATO developed in consultation with tax professionals, will be updated throughout the year to keep you informed of new issues and risks as they arise.
Reader question: My husband is German and I am Australian we are living and working in Australia, we would like to invest in a property in Germany and rent it out. Are the tax implications the same as investing in Australia? Would we be able to reduce our taxable income same as we would if having an investment property here, negative gearing?
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comments-rhsLatest Comments

  • "Not with me Timothy. Sorry."

    By: Mr Taxman at May 17, 2017 8:15PM

    Post: Received your tax refund yet?

  • "Hi I would like to get my tax refund done I'm pretty sure I did it with guys 2014 "

    By: timothyhughes at May 15, 2017 12:47AM

    Post: Received your tax refund yet?

  • "Just wondering if you are in trades via the forex and at 1st July you a still in those trades this would not be considered trading stock as suggested by the ATO as the profits/losses have yet to be..."

    By: Chris at May 11, 2017 5:40AM

    Post: Foreign currency trading

  • "nice work thank you"

    By: AFL Sports news at May 08, 2017 10:01AM

    Post: Marriage

  • "My ex-partner and I broke up at the end of August 2016 and I am now a sole parent who receives Family Tax Benefit. My ex-partner has not does his tax return for the 2015/16 financial year and..."

    By: Melanie at May 05, 2017 12:26AM

    Post: Marriage