Property Investment & Tax

If you own an income producing rental property you can claim any expense associated with earning that income on your tax.

You can no longer claim travelling to inspect your rental property. The following items are the most common claims on rental properties:

Advertising for tenants
Bank charges
Body corporate fees
Borrowing Expenses*
Cleaning
Council rates
Electricity and gas
Gardening and lawn mowing
In-house audio/video service charges
Insurance – building, contents, public liability

Interest on loans
Land tax
Legal expenses*
Lease costs – preparation, registration, stamp duty
Mortgage discharge expenses
Pest control
Property agent’s fees and commissions
Capital Works - this claim has been substantially changed in the last budget

Quantity surveyor’s fees
Repairs and maintenance
Secretarial and bookkeeping fees
Security patrol fees
Servicing costs e.g. servicing a water system
Stationery and postage
Telephone calls and rental
Tax-related expenses
Water charges

*Legal expenses on purchase of the property are not ordinarily deductible and there are restrictions on borrowing expenses

Did You Know?

You can apply to the ATO to reduce the amount of that you pay from your wages so that purchasing a rental property is easier to afford… one of the benefits of negative gearing!

Rental property seminars coming soon....

Phone our office to register your interest (02) 6021 6762, or email admin@taxbalance.com.au.

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Property Investment & Tax

Did You Know?