News

Top Tips for Tax Time 2022

By Karyn Stroet

The Australian Taxation Office (ATO) has released key focus areas for 2021/22 including:

  • Record keeping
  • Property income and deductions
  • Capital gains from crypto assets, property sales, and shares

Commercial property owners could benefit from taking a few simple steps.

Record Keeping

Having organised income and deduction records will make for a smoother tax time and ensure you claim all possible deductions.  Remember you’ll need income and expense statements, invoices, depreciation, purchase contracts, and any costs to manage, acquire or dispose of an asset.

Rental Income and Deductions

Ensure you include all income on your return including any deferred rent repayments, short-term leasing arrangements, licensing, insurance payouts, interest on bond held in an interest-bearing account, etc.

Capital Gains

If you dispose of an asset such as property, shares or cryptocurrency, you will need to calculate a capital gain or loss, and record it in your tax return.  This is generally determined by rationalising the difference between what your asset originally cost and the funds received upon disposal.

Don’t Rush It!

The ATO reports seeing the greatest number of errors in returns that are lodged in July.  Most of these mistakes relate to forgetting to include bank interest, fees and charges, dividend income, business grants, etc.  For the majority of people, this information will be automatically pre-populated in their return by the end of July.

Clients of the award-winning Property Management team at Ray White Commercial Bayside receive detailed monthly statements, supporting documents and an annual Financial Summary to help make completing tax returns hassle-free.

To find out more about how we can help with financial monitoring and reporting of your commercial property, call the team at Ray White Commercial Bayside today.

The above is general information only, and is not personalised for unique needs, objectives or financial situations.  We recommend engaging a professional tax agent who is experienced in commercial property investment before taking any action.

Up to Date

Latest News

  • Periodic Property Inspections & Maintenance Obligations

    Conducting routine on-site inspections of commercial buildings is always a good idea. It provides an opportunity to promote positive communication between landlord and tenant, and to see how the property is being maintained. Equally important, it’s an opportunity to identify any areas of general deterioration that would benefit from proactive … Read more

    Read Full Post

  • Choosing the Right Tenant

    Accepting a bad tenant will inevitably lead to problems. While there’s no foolproof way to avoid every potentially bad egg, most can be identified with the appropriate due diligence; this means conducting a comprehensive tenant screening to evaluate each applicant. Without thorough tenant assessment and steadfast administration of strict standards, … Read more

    Read Full Post