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Are generally purchased with the intention of obtaining capital growth as value of housing generally raise over period of years. These investments may not provide a net income in the short term, the losses incurred are claimed against other income, this is refered to as negative gearing. To learn more go to,ATO web site: Rental Properties
In our view the sole purpose of such investments should not be just to minimise tax but to ensure long term benefits from steady increase in value and so that it becomes eventually a source of passive net income. As the government brings the personal tax rate down, the tax losses are not recouped to the same extend as in previous years. The people who benefit from such arrangement solely for tax reasons will be those on high income and high marginal tax rate. So the selection of the property becomes vital depending on individual circumstances.
Property purchased and rented will, when they are sold, attract tax on the increased value of the property. The Capital Gains Tax is based on many factors since the purchase of the property. The Australian Taxation Office web site provides information and support for all types of investment questions such as depreciation, claimable expenses, record keeping etc. Click here to go to the ATO Website
To find out more about rental properties that may be relevant to your situation click here and ask your Accountant to provide you with details of your individual taxation requirements.
First Home Owners Grant and Stamp Duty Concession
Apply with us for your first home owners loan and government benefits, FHOG, and you will save time & money getting the best deal as we compare the best value outcome from the many lenders. As we don't charge you for our service contact us to make an appointment to get the facts. Click here to find out more about the First Home Owners Grant There are other benefits for first home owners such as First Home Saver account. To get more information go to Boost your deposit
Latest News 16 Oct 2012: $15,000 bonus for first home buyers purchasing or building new properties up to a total value of $650,000. On top of this, first home buyers in NSW also qualify for full stamp duty exemption on new properties valued up to $550,000, and there are partial exemptions for new properties valued between $550,000 and $650,000. First home buyers in NSW could receive benefits worth $35,240.
Stamp duty must be paid on Transfer of Property. Each state in Australia has a different method of calculating it. Following links lead you to some of the state office revenue sites with stamp duty calculators :
- Victoria then click on calculators
- New South Wales and click on calculators
- Queensland and click on calculators
Overseas Investors and those with 457 visa.
We can assist foreign investors in new residential property by obtaining bank loans here. In addition we can assist in securing Foreign Investment Review Board approval for the purchase. Overseas Students may also purchase property for use while they are studying. All foreign investors must provide evidence of income and nominate an agent for managing the property for them. To obtain information, click hereThe Foreign Investment Review Board Those with 457 visa, generally professionals, who wish to buy and stay in a property while they are here can borrow generally up to 80%LVR and to maximum of 90% LVR if they can prove their savings here or overseas. Medical professionals can access special packages from lenders.
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