Maximising Your Tax Return – Claiming On Your Investment Property
The End of Financial Year is upon us, it's now time to start thinking about what deductions you can claim on your rental property. Always get sound advice from accredited professionals to help you through the minefield of what can and can’t be claimed.
You will need to keep records right from the beginning of your investment journey if you invest in a rental property or rent out your current property.
Declare all your rental-related income in your tax return and work out what expenses you can claim as deductions.
So, what can you claim:
- Property Management Fees
- Advertising for Tenants
- Council & Water Rates
- Strata Fees
- Insurances
- Interest Incurred on your Loan
- Maintenance & Repair Expenses to the Property
- Building Depreciation + Depreciation of Fittings / Fixtures (such as stoves, carpets and hot water systems)
- Pest Control
- Gardening
Whilst this isn't a full list of what can be claimed and there may be deductions that you are not aware of – always discuss any possible deductions with your accountant or tax agent before lodging your tax return.
The end of the Financial Year in Australia is 30th June.