Rental property has various benefits. It can be a steady source of income or it can be utilised as a profit opportunity. Many businesses, individuals and trusts (unit and discretionary) own and maintain rental properties.
Taxes are applicable on individuals that own these real estates and can be incurred in the following forms.
A benefit of owning rental properties is that the depreciation can be claimed as a building cost deduction. It is not a cash expense and you will end up saving a marginal tax rate of depreciation per year according to your taxable income. The top marginal rates vary from 0% to 47%.
Additionally, if you have held a rental property for more than 1 year then you will receive a tax benefit of 50% discount on capital gains. This means that you will pay a mere 0%–23.5% tax.
We have been providing our services to rental property owners for quite a while now and have vast experience in this matter. We not only guide about the taxation structure rather we also work out the property ownership to claim all the rental expenses according to the act.
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