Many property owners utilise this time of year to find out how much their home or investment property is worth for finance reasons, insurance purposes or simply out of curiosity.
For tax purposes the ATO states ...
"While your home is generally exempt from tax, if you rent out part or all of it (or otherwise use to produce income) you must include this in your tax return (and you can claim the associated expenses). You may also have to pay capital gains tax when you sell it.
If you work at home you may be able to claim a deduction for some of the expenses relating to the area utilised."
You should retain all the records relating to your home so that if circumstances change (you start to rent it out for example) you don't pay more tax than necessary.
Visit the ATO homepage for more information.
So, if you are interested in obtaining an update on your property's value in the current market, please contact myself or any one of our experienced sales team. We would be delighted to provide this free update.