What to ask a property tax accountant before buying

Bring the decision you need to make

A useful opening question is: “What needs to be resolved before I commit to this purchase?” Explain the proposed property, who might own it, how you expect to fund it and any deadlines. If you have not selected a property, start with your circumstances and the next move you are considering.

This article is a preparation guide. The questions help organise a consultation; they do not select an ownership structure or calculate a tax outcome.

1. Who should be considered as the buyer?

Ask what needs comparing across the ownership options available to you. Explain existing companies or trusts rather than assuming they should be used. Ask which documents the accountant needs and which ownership questions require your solicitor’s input.

The personal, trust and SMSF comparison introduces the areas to discuss. Do not treat that list as a recommendation to establish an entity.

2. Where is the deposit coming from?

Explain the source of each part of the deposit and purchase costs. Savings, a redraw and a new loan are different arrangements. Bring statements showing the proposed movements rather than describing every source as “equity”.

Read offset vs redraw for the questions around account movements.

3. What does the holding budget assume?

Bring your rent estimate, expected repayments and recurring costs. Identify any allowance for vacancy or repairs. Ask which figures need checking before a tax calculation can be prepared, and which lending assumptions should go back to your broker.

Use the cash-flow checklist to organise the figures in advance.

4. What changes for the properties I already own?

List current owners, loans and cash commitments. Explain any planned sale, move or change in household income. The question is how the proposed purchase interacts with your existing position and what additional analysis may be useful.

5. What must happen before the deadline?

Ask for a clear list of unresolved questions, who will answer each one and what information they need. Share contract dates with the relevant professionals. A tax consultation does not extend a legal deadline or confirm a lender’s approval.

Your preparation list

• A short description of the decision and your intended timing.
• Existing property and ownership details.
• Relevant loan statements and planned deposit movements.
• A draft holding-cost budget with assumptions marked.
• Relevant entity documents, if requested.
• Advice already received and any contract deadlines.

Ask how sensitive records should be supplied before sending them. A brief initial enquiry can describe the decision without attaching financial documents.

The Initial Review is $1,650 and includes a consultation and your property strategy roadmap. For the broader scope, see property tax advice across Australia.