Have you reluctantly paid out thousands of tax dollars this year?
Would you like to retrieve a good proportion of this year’s tax dollars and get even with the Australian Tax Office?
Maybe you can even have all your tax refunded?
Here’s an innovative and little-known method for doing just that….
Fully legal and endorsed by the Australian Tax Office, you can prepay up to 12 months’ interest and costs on any of your investment properties and claim the deductions in the current financial year. It doesn’t matter if the properties are negatively, neutrally or positively geared, you can still claim this amount.
Plus, you can probably squeeze a slightly better interest rate from your current bank on your borrowings, by using this repayment method.
Here’s how it works.
In dollars and cents terms a typical $400,000 investment property which is 100% financed at say 5% will be eligible for a prepayment of 12 month’s interest and outgoings, i.e. $20,000 of interest repayments and say $5,000 outgoings (shire rates, insurance etc.) can be prepaid.
You may have only owned the property for one week in the current financial year or it may be property you have owned for some time, either way you are able to write off the next 12 month’s costs of $31,500, against your income earned in this current financial year.
For people in the top tax bracket, this equates to a refund cheque of approximately $11,500.
A complete windfall that you never would have claimed otherwise!
No matter how large your tax bill is, you can legitimately reduce your tax burden and receive tax dollars that would have otherwise been lost forever.
The only stipulation is that you have to act prior to June 30th.
Either purchase an investment property, prior to June 30 or arrange for your current properties interest payments and outgoings to be prepaid.
Real Estate agents, accountants and financial advisors have been advising and assisting clients to legitimately reduce their tax bills for many years, using this method.
Why don’t you get a piece of the action?
The only provision is the loan must be set up correctly to pre-pay and it can only be applied to property in your personal name, i.e. not a trust or pty company. Take advantage now.
Article source: thepropertytribune.com.au