The Australian Taxation Office's (ATO) property page on ato.gov.au is a ‘one-stop’ Web page to easily access information relevant to all property related transactions.
The property page can help taxpayers and the community better understand their tax obligations at different points in the lifecycle of acquiring, owning and selling property.
It offers information on topics including:
• buying, selling and renting property
• inheriting a dwelling
• vacant land
• property development, building and renovating
• property used to run a business
The property webpage should be the first port of call for anyone involved with property transactions and the ATO encourages taxpayers to take advantage of these resources.
Having the right information is the best way to ensure business transactions are reported correctly and the risk of penalties is reduced.
For more information visit the property page at ato.gov.au/property.