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April 15th, 2013
Every now and then, doctors tend to forget the original intention of acquiring an investment property or simply not have time to be involved to maximise the investment. You may have already acquired an investment property or is contemplating buying; the associated benefits should not to be overlooked. Investment properties help the investor to maintain an asset to produce a sizeable capital gain in the future, benefit from negative gearing to reduce assessable income, retirement planning and various tax advantages.
The tax rules are such that a loss generated through the rental property can be offset against assessable income. This loss is produced as the rental costs exceed the income generated via the investment property. The rental expenses include interest paid on the investment loan, management fees, maintenance, depreciation, capital works deductions, insurance, etc. Obtaining a depreciation report from a quantity surveyor of qualified architect would ensure maximising this important entitlement. Maintaining good records or delegating this task to a real estate agent may be advantageous so as to maximise the tax benefits of the investment.
As your career progresses, your financial needs will need to be revisited to adapt to your current situation. We provide our expertise in helping Doctors understand strategies to structure the investment effectively, the available borrowing capacity and the associated tax benefits. Contact your MEDIQ advisor to learn more.