Tax Obligations of Property Owners

JULY 3, 2023

Tax Obligations of Property Owners
Celebrating a successful property purchase is certainly a joyous occasion. However, as a new property owner, you are required to meet the following tax obligations:

Maintain Rental Records
All documents related to leasing, such as lease agreements, rent receipt copies, receipts for rates payments, and any documents concerning lease amendments or rent arrears, should be retained for at least 7 years.

Declare Rental Income
You must fill out and submit tax returns to declare your rental income.

Obligations to Notify the Tax Authority
If you are liable to pay tax, you should notify the tax authority in writing, unless you have already received a tax return issued by them. You should inform the tax authority within one month of selling your property. If you change your address, you also need to notify the tax authority within one month.

Paying Your Taxes
You are required to pay your taxes in a timely manner according to the regulations.