Use the handy Income Tax calculator to work out how much tax you should be paying and what your net income for the year is. Ask an iBuyNew Property Consultant how you can reduce the amount of tax you pay by buying an investment property. You can then get this checked off by your Accountant. Saving Tax is one of many reasons that people buy investment properties in Australia and if you are on a high income, then buying an investment property can heavily reduce your taxable income.
To use the Income Tax Calculator simply input your gross income in the required field and click on Calculate. This will quickly show you what your net annual income is along with how much tax you will be paying.
Negative Gearing and Depreciation are two of the main ways you can save tax, especially when you buy a new property off the plan. However, there are plenty more ways to save tax and stop the tax man from getting all of your hard-earned money.
To learn more about saving tax through buying an investment property it’s best to speak to one of our expert Property Consultants at iBuyNew who can walk you through some of the main tax savings available and show you which properties are for sale right now which could suit you best.
Talk to us today by calling the team on 1300 123 463 to find out more.