Property tax tips every first-time buyer must know
In this episode of the First Property Buyer Show, host Emilie Lauer sits down with accountant Munzurul Khan from KHI Partners to unpack the tax implications of property ownership in Australia.
Munzurul outlines the key differences between owner-occupiers and rentvestors, noting that while the former receive no ongoing tax deductions, they benefit from capital gains and land tax exemptions.
Rentvestors, however, can claim a wide range of deductions, including loan interest, maintenance, and borrowing costs.
Munzurul emphasises meticulous recordkeeping, using spreadsheets and property managers for accurate tax claims, while also highlighting deductions for work expenses, insurance, and super contributions.
He also breaks down how capital gains tax applies when selling an investment property, highlighting the 50 per cent discount available after 12 months of ownership.
The duo also provides the benefits of collaborating with a strategic accountant over a purely transactional one, particularly for long-term planning.
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