Property investment expert and Nitschke Nancarrow managing partner Kym Nitschke reveals key tips to manage property investment tax expenses, for Your Investment Property Magazine.
One factor that causes people to pause before pulling the trigger on a property investment is the fact that there are plenty of tax expenses attached.
There is capital gains tax on the gain in value, ongoing income tax on the rental profits, and unless your property is in the Northern Territory, another levy to be paid is land tax.
It is generally levied by the local state government on investment properties that have a total taxable value above the land tax threshold.
“Land tax is marketed by state governments as applying only to the large-scale property tycoons, but it can often affect mum-and-dad-style investors. It’s becoming increasingly important to state governments as a major revenue raiser, so one would imagine that it will be increased over time,” says Kym Nitschke, managing partner at Nitschke Nancarrow Chartered Accountants.
Get the full details by reading the article here.
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– Kym Nitschke
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