Rental Properties

Rental Properties Services

Do you own a rental property? Investing in property can be both risky and rewarding. When it comes to tax, it can be a little confusing too. With the right accountant on your side though, it doesn’t have to be.

Make the most out of your rental property

Landlords of Australian rental properties have a duty to maintain the property, as well as be responsible for financials, taxes and utilities. Knowing where you stand as an investment property owner will put you in better control of your finances.

With a broad range of possible tax deductions for your property expenses, you can boost your tax refund, leaving more rental income for you. The right accountant can help you make the most out of your rental property. They might even help you discover a deduction you hadn’t previously considered – and this is just the beginning.

How Crest Accountants can help

At Crest Accountants, we’ve been helping property owners on the Gold Coast, make the most out of their rental properties for over 45 years. We’re here to help you make the most out of yours too.

Our Rental Property Services include:

Looking for the right accountant to help you with your rental property? At Crest Accountants, we’re your Rental Property Tax Accountants on the Gold Coast.

Frequently Asked Questions About Rental Properties

What expenses can I claim on my rental property?

You can generally claim any expense that directly relates to earning rental income, including loan interest, property management fees, council rates, land tax, insurance, repairs and maintenance, and depreciation. Expenses must only be claimed for periods when the property was rented or genuinely available for rent. The ATO estimates that 9 in 10 rental property owners make errors in their returns, so getting this right matters.

What is the difference between a repair and an improvement for tax purposes?

A repair restores the property to its previous condition, such as fixing a broken tap or replacing damaged flooring, and is generally deductible in full in the year you pay. An improvement makes the property better than it was before and is treated as a capital expense claimed over time through depreciation. Getting this distinction wrong is one of the most common ATO audit triggers for rental property owners.

What is negative gearing and how does it work in Australia?

Negative gearing occurs when your rental expenses exceed your rental income, resulting in a net loss that can be offset against your other taxable income, such as your salary, reducing your overall tax bill. It is a common and legitimate investment strategy in Australia, but it must be based on genuine investment intent and accurate record-keeping to withstand ATO scrutiny.

Can I claim depreciation on my investment property?

Yes. Depreciation is one of the most valuable and commonly overlooked deductions available to property investors, covering plant and equipment items like appliances and carpets, as well as the building structure itself at 2.5% per year for properties built after 1985. For residential properties purchased after 9 May 2017, depreciation on second-hand plant and equipment is generally not claimable, so it pays to know where you stand before lodging your return.

Do I pay capital gains tax when I sell my rental property?

Yes. When you sell an investment property, any profit is subject to capital gains tax. If you have held the property for more than 12 months, you may be eligible for a 50% CGT discount on the gain. If the property was your primary residence for part of the ownership period, a partial exemption may also apply.

Does land tax apply to rental properties in Queensland?

Yes. In Queensland, land tax applies to investment properties where the total taxable value of your land holdings exceeds the threshold, currently $600,000 for individuals. Your principal place of residence is exempt, but rental and investment properties are included in the calculation, and the rate increases progressively as your holdings grow.

News about Rental Properties

News

Queensland Land Tax Changes Scrapped

Tax rules and regulations are constantly evolving, and at Crest Accountants, we make it our priority to keep clients informed with the latest updates. In this article, we will discuss the Queensland land tax changes that property owners should be aware of. Land Tax in Queensland: What’s Changing and What Remains As Is Australian property […]

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Queensland Land Tax Changes to Take Note of

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Your Gold Coast Property Update – Gold Coast Accountant

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Gold Coast Property Outlook for 2021

On a global scale, the year that we left behind was a year of tumultuous change, in health and economies. On a local scale, the Gold Coast property market saw interesting and actually quite positive performance. Yet, with a new year, comes new challenges, new hope and new market factors and demands. Want to take […]

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A Look at the Queensland Property Market 2020

Many Queenslanders have felt grateful for their homes, many tenants thankful for negotiations and avoidable evictions and plenty of Queensland property investors have been keeping a close eye on the state’s property market. You may have read our blog on the Gold Coast property market published in late May, but as you and everyone alike […]

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REMINDER: Paid a tradie? TPAR reporting is due 28 August

The Australian Taxation Office (ATO) has reminded businesses that pay contractors for certain services that they may need to lodge a Taxable Payments Annual Report (TPAR) with the ATO by 28 August 2020. If you’ve paid a tradie or other contractor for building and construction services in the past year, you might need to lodge […]

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COVID-19: Monitoring the Gold Coast Property Market in 2020

The sandy beaches, sunshine and laid-back lifestyle has long made the Gold Coast a tourist hotspot and great place to live. At the start of the year, the forecast for the Gold Coast property market looked very positive. But as we’ve seen both nationally and internationally, predictions of economic strength and even life as we […]

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Own a Commercial Residential Property? What you need to know about GST

Are you interested in, or currently own a residential commercial property in Australia? Commercial residential properties range from hotels, motels, caravan parks, camping grounds or any other establishments providing similar residential premises. As a general rule, commercial residential properties are subject to GST (goods and services tax). However, there are instances of GST reduction, like […]

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5 Reasons Estate Planning is so important

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Asset Protection and how an Accountant can help

You’ve worked hard for your assets; your home, business, cars, boat, shares and any other investments you may have, but are they adequately protected? Yes, you may have home and car insurance, but have you actually protected your wealth? These days, we have many things to worry about, and whilst we don’t want to add […]

Rental

Rental Properties and Deductions : What you need to know

Are you a property owner confused about what you can or can’t claim for your rental property? What you may not know, is that deductions are only viable during the time that you rented the property out or it was genuinely available to rent. Essentially, if the property is tenanted or if you’re actively seeking […]

As the sole director of a SMSF with a Corporate Trustee in place, I transitioned to Crest Accountants in 2017.I am very happy with the professional relationship developed with Joanna Crandon. She is very approachable and always willing to explain any queries I have from time to time.The Super Fund’s paperwork is kept up to date and any work required is diligently and promptly attended to.The customer service I received is exemplary. Thank you, Joanna.

Helen Scarborough

Wesley from Crest Accountants has been looking after all our Accounting , Taxation and Financial Advice both personally and Business since 2014 .I have found the Crest Accountants team to offer exceptional service and a professionalism. Care and attention to details is of high priority .We have no hesitation in recommending Crest Accountants for your business and personal financial advice and accounting needs.Wesley is always available to share his knowledge and expertise.

Mary Sarroff – Co-Founder – Sarroff Group

I have partnered with Crest Accountants for quite a number of years now. I guess one of the most valuable things to me as a business owner - apart from good smart accounting - is the fact that Crest are proactive in their support of my business.Crest Accountants stay on top of things globally, nationally and locally in terms of what I need to be made aware of.I liaise mostly with Troy who genuinely takes an interest in the wellbeing of both myself, and the health and growth of my business. He tends to see ‘big picture’ and that has been invaluable to me over the years. This will be even more essential as we begin to navigate higher volatility levels resulting from increased global instability in the seasons to come.

Matthew Williamson – Director – HT Concepts Pty Ltd T/as Nursery and Garden Supplies

Justin Fahey has been incredibly professional all the way through the process and I would like to express my appreciation! Justin made it easy for me to provide the required information about my cryptocurrency and his confidence & great knowledge is impressive. I will certainly choose CREST to look after my future tax returns and will highly recommend Justin to any person who needs help with cryptocurrency taxation. Thank you!

Claudia Klien

“I've been using Crest accountants for 5 years & it's always a great service. Every year whenever I'm ready, I send my files through their convenient WeTransfer program and write any comments. I've never had to go into the office been able to do it all conveniently from home at anytime I want. Excellent & efficient service every time.”

Michael Slivka

“I recommend using Brett and Wes to handle any accounting matters on the Gold Coast and surrounding areas. I have worked closely with them on my personal and business matters. I find them to be very thorough, professional and can endorse their ability to others. Great Work Crest. Thanks for your ongoing support.”

Mason Kidman

“Growing a business is never easy which is why we approached Crest. We have been using Crest for the past 2 and half years and all we can say is thank you! Ryan and the team have always provided professional advice. The advice is thorough and has always taken into account the pros and cons, especially from a Risk's perspective. We have been able to establish an efficient business structure which allows us to minimise tax where possible while working towards quarterly targets to grow the business. Without Crest, our understanding of the business would not be where it is today.”

FUKU Japanese Broadbeach Restaurant

“Recently I came on board as a client and cannot recommend Angela highly enough. To date, my experience with Angela and the team has been fantastic and I would not hesitate in providing a referral. I have been impressed with the prompt return of calls and emails and have had all work completed within our agreed time frames. The valuable taxation and small business advice I have received has been incredibly useful and provided me with support and guidance on my personal and business journey. If you are looking for a Tax Accountant or Advisor, don't hesitate in making the move over to Crest.”

Lauren Gregory – Innovative Bean Counting

“I highly recommend Crest Advisors. I have been working with Crest for 4 years and they assist me personally and my business in several areas including Cashflow forecasting, tax planning, business structuring, BAS, Finance, Insurance and SMSF. They provide excellent services and will help you achieve your personal and business goals.”

Jed Newnham – Managing Director of Newnham Scaffolding

“Crest are fantastic accountants that go above and beyond in helping to keep our business run smoothly. We have been with them for the whole time we have been in business and each and every member of the team is accessible at anytime and have always gone out of their way to supply the information we need. Thank you for your great service!”

Shane and Kristy – Gold Coast Fresh Meat Centre

“Crest Accountants...we cannot recommend them highly enough!! Throughout the years Wes and his team have supplied us with their expertise and wonderful service. With a genuine concern for you and your business they are professional yet very comfortable to work with. We are grateful for their service and continue to look forward to working with them in years to come. Thanks Crest!”

Carree and Brett Pawson – Brett Pawson Metal Roofing

“I have partnered with Crest Accountants for quite a number of years now. I guess one of the most valuable things to me as a business owner - apart from good smart accounting - is the fact that Crest are proactive in their support of my business. Crest Accountants stay on top of things globally, nationally and locally in terms of what I need to be made aware of. I liaise mostly with Troy who genuinely takes an interest in the wellbeing of both myself, and the health and growth of my business. He tends to see ‘big picture’ and that has been invaluable to me over the years. This will be even more essential as we begin to navigate higher volatility levels resulting from increased global instability in the seasons to come.”

Matthew Williamson – Director – HT Concepts Pty Ltd T/as Nursery and Garden Supplies

"Troy and the Team at Crest Accountants always are a pleasure to deal with. My tax scenario was very complex however it was really relaxed and easy to chat it through. It feels so good to have it all back on track."

Nick Moore

"Since 1996, I’ve entrusted the firm and its staff with my personal and business-based financial affairs. Their expertise, guidance, and comprehensive ‘on-tap’ counsel have been invaluable to all aspects of my accounts and financial management, and both the partners and accountants have worked tirelessly to keep the many elements of my financial matters on track, and in my best interests."

Dr. Dimitri Kopanakis – Managing Director - String Central Pty Ltd

“Crest Accountants have been our accountants and financial advisors for 15 years. We have found them to be reliable and competent and have placed great value on the many suggestions they have made to us in this period which include: Company and Superannuation Structuring; Financial Planning; Budgeting and Taxation Strategy. They have been pro-active to any legislation changes and have advised well in time to make such changes which are necessary for compliance and protection of our company. We can recommend them to any company wishing to make use of their services.”

Lynn Flynn – General Manager - Protea Properties Pty Ltd