Tax Benefits of an Investment Property in Brisbane

An investment property in Brisbane brings with it a number of tax benefits and deductions. At Success in Property, we can help you to better understand the guidelines involved with securing your tax benefits through reliable advice and professional seminars.

The following information outlines the current contexts for investment property tax deductions in Brisbane.

Rent benefits

The income that the owner receives is taxable to the rate of the ownership interest that is outlined on the original title. To be able to claim all expenses at the full amount, the rent that is received must be at the normal market rate. Additionally, it must be declared within the same year that it was obtained.

Interest

If all money borrowed was used to buy the property, the interest that was paid on the load is deductible. If accounts are associated with credit and used within private contexts, the claim needs to be assigned for the private expenditures.

Tax deductions for your investment in Brisbane

The following are some of tax benefits available to you as an investor:

  • Maintenance, renovations and improvements around the property
  • Advertising and marketing for tenants
  • Insurance
  • Fees related to agents, the council and body corporate
  • Amenities (electricity, gas and water)

Writing off building costs

For buildings under 25 years of age, you are entitled to a deduction of 2.5% p.a. of the construction cost that was originally outlined. This continues for up to 40 years from the date of construction.

To find out more about the tax benefits and deductions available to you in Brisbane, contact the experts at Success in Property.