There are numerous tax rules and regulations associated with realestate that you need to comply with and, if you get it wrong, theTax Office could impose stiff penalties. Fortunately, help is athand.
In plain English, Property & Taxation explains justwhat your tax obligations are. Inside you'll learn:
- how property speculators and property investors are taxed
- which expenses are tax deductible
- how to calculate a capital gain and capital loss
- about the tax issues associated with owning your main residenceand overseas property investments
- how negative gearing works
- about owning property in different legal structures.
Packed with tax tips, tax traps to avoid and practical casestudies, this comprehensive guide will give you the know-how tolegally reduce your tax liability — and build yourwealth.
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About the Author
Jimmy B. Prince is a fellow of CPA Australia and a taxspecialist. He is a former lecturer at La-Trobe University andteaches at the Centre for Adult Education. He has authored severalinvestment books including Tax for Australians for Dummies, 2ndEdition and Shares & Taxation, and has worked for theAustralian Taxation Office and CPA Australia.
Table of Contents
About the author vii
1 The Australian tax system and property: removing the mystique1
2 Property speculator or property investor: why you need to know17
3 Taxing your property portfolio: the rules you need to follow33
4 Taxing your capital gains: sharing your good fortune 71
5 This is where I reside and it’s all tax free 99
6 Investing in an overseas property: going global 119
7 Bankrolling your property purchases: money makes money 127
8 Six legal ways of owning property: this is how you’retaxed 145
9 Keeping proper records and tax audits: Big Brother is watchingyou 177
Appendix A: Key tax cases relating to property and taxation209