Property Tax Accounting
Specialist Property Tax Accountants
At Camden Professionals, our specialist property tax accountants in Perth are renowned for their reliable tax advice and property tax accounting services for property investors. With the help of our team, you can:
- Structure your investment portfolio for better asset protection.
- Improve cash flows of your property portfolio by deducting various depreciation expenses.
- Learn property investment strategies that can legally reduce taxes.
- Claim all tax deductions that you are legally entitled to, including depreciation and expenses related to improving, managing and holding your investment property.
- Access ultra low interest investor loans through our Finance team.
- Structure your debt to purchase investment properties.
- Develop strategies to fund and structure property purchases.
Property Tax & Investment Structures
Our property tax accounting and tax advice extends to the various estate planning factors including ownership and control of assets and tax implications of passing assets from one generation to the next. We provide expert advice on how to safely pass on assets that legally reduces taxes for both yourself and future generations.
We’ve developed a number of property investment trusts and structures. Our property investment trusts improve asset protection with sophisticated lineage clauses that fortifies your asset base against unscrupulous in-laws or family law court disputes, allowing only family relatives to be the ultimate beneficiary or next appointment as trustee of your property investment trust.
Top Rental Property Tax Deductions
Investing in rental property can be a lucrative way to build wealth in Western Australia. However, as a property investor, it’s important to understand the tax deductions available to maximize your investment returns and reduce your tax liability. The Australian Taxation Office (ATO) allows a range of deductions for rental property expenses, which can significantly reduce the amount of tax you pay on your rental income.
Planning for Land Tax in Western Australia
If you own land in Western Australia, you may need to pay land tax—but only if the total unimproved value of your landholdings exceeds $300,000. This includes the combined value of all land you own, even if individual lots fall below the threshold. Some land is exempt (e.g., your primary residence), but if your total taxable land value crosses the limit, land tax will apply.
Why Asset Protection Is Essential
For first home buyers and property investors, asset protection is a crucial yet often overlooked aspect of financial planning. As you embark on the journey of purchasing your first home or investing in real estate, securing your assets from potential risks and liabilities should be a top priority. Here’s why asset protection is vital and how you can safeguard your investments effectively.
Understanding Property Taxes in Western Australia
When you own property in WA, you also often have to pay taxes, duties or levies.
Transfer Duty
Transfer duty is also known as stamp duty and is levied by the state government on property purchases. In WA, it is often the biggest tax most property owners need to pay. Transfer duty generally falls due when the property changes hands, typically at settlement. The amount is calculated based on the property’s purchase price or market value, depending on which is higher.
Do You Need to Pay Transfer Duty?
Transfer duty applies to most property buyers in Western Australia, including investors and owner-occupiers. However, the rates vary. Investors usually pay a higher ‘General rate’ while owner-occupiers pay a lower ‘Residential rate’.
When a Gift Is Not Considered a Gift by the ATO
In Australia, the tax treatment of gifts can be complex, particularly when the Australian Taxation Office (ATO) decides that a transaction, which appears to be a gift, is not classified as one for tax purposes. This distinction can have significant implications for both the giver and the recipient. Here’s an overview of how and why the ATO might challenge the classification of a gift and what this means for taxation.
Defining a Gift for Tax Purposes
Under Australian tax law, a gift is generally considered to be a voluntary transfer of property or money from one individual to another without any expectation of receiving something in return. Gifts are typically not subject to income tax, but they may have implications for other taxes, such as capital gains tax (CGT) or stamp duty, depending on the circumstances.
When a Gift is Not Considered a Gift
Do you need a SFC? – Strategic Financial Consultation
A SFC is a holistic review of your wealth creation goals, taking into account issues around tax, asset protection, estate planning, finance and structures, to assist you in meeting your objectives.
Our SFC is a personalised accounting service designed to assist either aspiring or seasoned investors to review their financial situation and provide expert tax and accounting advice. Prior to your financial strategic consultation, your financial position and long term goals are reviewed by a Senior Advisor (submitted prior to the appointment) so as to maximise the consultation time that’s essentially forward thinking with an emphasis on practical next steps.
Resources
Top Tax Tips Guide | Property Investors
Rental Property Tax Deductions Overview
Rental Property Tax Deductions Checklist
What Is Negative Gearing?
SFC – Business Owners
SFC Property Investors
Let’s get started
We offer a 15-minute no obligation consultation to existing property investors, first home buyers and small business owners who are looking at property investments, business and asset protection.