If you are constructing your flat with the sole intention of earning a profit, then income tax will likewise apply. As constantly, rental income is income, so you need to keep accurate records of just how much money is coming in each month and which expenditures are deductible.
Including a granny flat to your backyard is a terrific way to benefit from generous tax benefits and create extra income! However, if you are considering developing a granny flat in NSW, then know that there are serious tax implications. Talk to professionals with experience structure granny flats to understand exactly what you will be liable for. Keep in mind, each circumstance is distinct!
Your exemption extends to surrounding home, including the granny flat. In the case that your granny flat is a business home, only a partial personal location of home (PPR) exemption will use. Adding a granny flat to your yard is a great method to take advantage of generous tax advantages and produce additional income! If you are thinking about constructing a granny flat in NSW, then be mindful that there are major tax ramifications.
on October 11, 2017 at 11:07AM
via Sydney Granny Flats
Cited From Honey Guard
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