Melican Partners Accountants offers property advisory and taxation services to assist people looking to invest their money in property in the Diamond Valley, Greensborough, Eltham, Doreen, Macleod, Watsonia, Rosanna, Lower Plenty and Diamond Creek.
Often it can be hard to know where to start with property investment; this is where our team can help. Our property investment accountants can help you make informed decisions about investing in property based on your unique circumstances.
If you are considering investing in real estate, you may be thinking if you need to hire a real estate investment accountant or tax specialist. While there is no one answer to this question, there are some situations where it makes sense to seek professional advice.
If you are new to investing in real estate or are considering an investment that is outside of your usual comfort zone, it can be helpful to have someone with more experience to guide you through the process. A good property investment advisor can help you assess any risks and potential rewards of investment and offer guidance on how to maximise your chances of success.
Even if you are an experienced investor, there are still situations where it makes sense to consult with a property advisor. For example, if you are considering a complex investment such as a multi-unit property or a development project, it is good to get some expert advice and speak to a professional before proceeding.
Taxation rules in Australia are complex and might be confusing for individuals and business owners. You may need to seek the assistance of a property financial accountant to assist with the tax implications of property investment in Australia. When considering an investment property there are three types of taxes; capital gains tax (CGT), income tax, stamp duty, and GST.
When you sell or swap your property within three years of buying it you may be subject to CGT. This means that you will have to pay capital gains tax on any increase in the property’s value since you purchased it. The rate of CGT is 20%.
You may also have to pay income tax on the income generated from renting your property. If you are a self-employed individual, you may also have to pay income tax on any profits generated from your rental property. The income tax rates vary depending on your circumstances but can generally be as high as 37%.
If you are buying a property for more than $750,000 you need to get a Clearance Certificate from the seller which will cost 12.5% of the property price and report the transaction to the ATO to avoid paying penalties.
If you’re looking for the best property investment accountants in the market, you’ve come to the right place. Here at Melican Partners Accountants, we pride ourselves on being the best in the business.
We have a team of experienced and qualified accountants who are experts in property investment taxation. So whether you are looking for advice on how to structure your property portfolio for tax efficiency, or you need help with preparing your tax return, we can help.
We understand that every investor’s situation is different, which is why we offer a tailor-made service to each of our clients. We will work with you to understand your individual needs and goals and then develop a bespoke accounting and tax strategy that will help you maximise your returns.
The higher your income or greater your assets, the more taxes you will pay. To minimise your tax liabilities, it’s crucial to invest wisely and understand how different types of investment affect your taxable income.
There are a lot of property investment advisors, but it’s crucial to consider their experience, their success rate, and what kinds of properties they specialise in.
If you are looking for the best property investment accountants and tax specialists, look no further than our team at Melican Partners Accountants.
Fill out the form below, and we will be in touch shortly to schedule your 2022 tax appointment.