The end of the financial year can be a stressful time for many people, especially when it comes to organising all of your investment accounts, receipts, and invoices for your accountant.
To ensure that you don't miss out on any potential tax deductions, we have compiled a list of items that can be claimed. However, it's important to keep in mind that you will need to have the necessary documentation to support your claims.
One of the most significant benefits of owning an investment property is the potential to claim various deductions on your tax return. Here is an overview of some of the expenses you can claim:
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Advertising For A Tenant
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Bank Charges
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Cleaning Expenses
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Body Corporate Fees
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Capital Works
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Insurance
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Borrowing Expenses
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Depreciation
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Interest
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Lawns And Garden Maintenance
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Office Supplies
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Land Tax
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Pool Maintenance
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Legal Fees
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Phone Expenses
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Repairs And Maintenance
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Pest Control
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Rates
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Water Charges
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Commission
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Management & Letting Fees
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Travel Expenses For Inspections Or Maintenance
It's worth noting that this is not a comprehensive list of all the items you can claim. As the Australian Taxation Office is increasingly using data matching to verify claims made by taxpayers, it's essential to keep accurate records and ensure that you have the necessary documentation to support your claims.
If you have a negatively geared investment property, pre-paying next year's interest or other expenses, such as rates or levies, could be worth considering to gain an immediate tax deduction. As your managing agent, we are here to assist you and can provide you with an End of Financial Year summary statement for your property/ies, outlining all income and expenses. With our help, you can maximise your tax deductions and reduce your tax liability, making the most out of your investment property.