Australian real estate has long been the preferred investment type for many investors in Australia. With the strong capital growth experienced across this sector, is it still a tax efficient investment and are there additional tax costs you need to be aware of?
The Queensland Government recently announced that the way land tax is calculated will change as of 30 June 2023.
Previously, land tax was calculated by reference to the taxable value of land owned in Queensland as of 30 June each year. As of 30 June 2023, land tax will be calculated by reference to the taxable value of land owned Australia wide. Read more here.
The ATO has released an investor toolkit, designed as a resource to assist tax time for anyone earning money from property or cryptocurrency. This updated toolkit also contains information on cryptocurrency, pay as you go instalments and capital gains tax.
The toolkit is designed to help investors avoid common and potentially costly mistakes. Read more here.