Why it’s important to have a tax agent for your rental property…
It’s 2022 and the ever-changing taxation landscape for your rental property has made it more complicated than ever to manage your own returns. This is where expert advice and accounting from your tax agent becomes a necessary asset to your property management to ensure compliance and maximise returns.
At Cornish Accounting we provide affordable investment property accounting whether you are new to the rental market or have been in it for a while to ensure you comply with the constant changing tax laws.
Why it’s important to have a tax agent for your rental property-
- Rental deductions can now only be claimed against rental income. This taxation change, often referred to as ‘ring-fencing rental losses’ means you can no longer offset residential property deductions against your other income.
- The newly implemented interest deductibility rule changes the percentage of interest that can be claimed for your residential rental property. This amount will continue to drop yearly until 2025. This needs to be taken into account when completing your income tax return.
- Your rental property now has to meet the requirements of the ‘healthy home standards’. Not all expenses involved to reach the standards are deductible anymore. This is where we step in with our expert knowledge to ensure you meet your tax obligations.
From individuals, partnerships, and trusts to companies with both residential and commercial property portfolios, we take care of your taxation obligations and assist you with property accounting advice to help you maximise your rental property returns.
We would love to meet you and support you through all your rental property accounting and taxation needs. There is no charge or obligation for the first visit. Give us a call or email to arrange a time to visit.