Tip 1 – Find out what you can claim
- Advertising for tenants
- Bank charges
- Body corporate fees and charges*
- Council rates
- Electricity and gas – annual power guarantee fees
- Gardening and lawn mowing
- Insurance – building – contents – public liability
- Interest on loans*
- Land tax*
- Lease document expenses*
- Legal expenses* (excluding acquisition costs and borrowing costs)
- Mortgage discharge expenses*
- Pest control
- Property agent’s fees and commissions (including prior to the property being available to rent)
- Quantity surveyor’s fees
- Repairs and maintenance*
- Water charges.
Tip 2 – Get in before June 30
Regular servicing and maintenance is important to keep your property in the best shape, as well as in attracting and retaining high quality tenants. If you have any outstanding maintenance for your property why not complete and pay for it before June 30 so that you can claim it as a deduction for this financial year.
Tip 3 – Speak to a specialist quantity surveyor
Frank Gordon can recommend a depreciation specialist who will visit your property and develop a depreciation schedule helping to reduce your taxable income. The surveyor’s fee is tax deductible and the tax savings are usually greater than the fee.
Tip 4 – Keep up to date on what differs this year
Tip 5 – Make sure to keep your papers in order
- receipts for expenses, including repairs, maintenance, insurance and purchases of depreciable assets
- loan documents
- and tax assessments
- credit card records
- tenant leases
- bank statements
- rent records from managing agents.
& Remember, records must to be kept for five years from the point you lodge the tax return.
Please Note: Information contained above is general in nature and should not be taken as financial advice. Please seek individual advice from a qualified tax accountant and specialist quantity surveyor.