Registered tax accountant Owais Ali Syed spoke to SBS Urdu about negative gearing, claimable rental property expenses, homes under construction, and the potential tax implications of selling an investment property.
According to Owais Ali Syed, negative gearing occurs when the rental income earned from an investment property is lower than the property's eligible deductible expenses. He explained that these expenses may include interest paid on the loan, council and water rates, property management fees, and certain repair costs.
He added that when reviewing a claim, the Australian Taxation Office may also consider the investor’s intention, evidence that the property was genuinely advertised and available for rent, and the type of loan used.
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