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Tax for Australians for Dummies, 2014 - 15 Edition by Jimmy B. Prince

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Chapter 10

Building Your Dreams: Investing in Bricks and Mortar

In This Chapter

arrow Deriving rental income

arrow Working out what you can claim

arrow Separating business expenditure from private usage

arrow Calculating your tax deductions

I nvesting in real estate can range from buying residential property or land, to commercial property such as office space, shops and factories. If you plan to invest in bricks and mortar, you buy land and buildings for income and capital growth.

Significant tax benefits may be gained from investing in real estate. In this chapter, I identify these tax benefits and explain what you need to do to qualify for them.

Collecting the Rent

One of the great pleasures of leasing a property is the regular rental payments you receive from your tenant.

You’re normally liable to pay tax on rental income in the financial year you receive the payment. If you own an income-producing property, you may be liable to pay tax on the following types of transaction:

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