Getting a good accountant on board is the key to make sure you don’t miss a cent when it comes to maximising rental property tax claims.
But you’ll need to do some administrative heavy lifting to bundle those receipts and statements ready for your friendly bean counter. To get you started, check out the ATO website for more details, and see their summary check list below.
Expenses you can claim straight away:
· advertising for tenants
· body corporate fees and charges
· council rates
· water charges
· land tax
· cleaning
· gardening and lawn mowing
· pest control
· insurance (building, contents, public liability)
· interest expenses
· pre-paid expenses
· property agent’s fees and commission
· income protection insurance
· repairs and maintenance
· some legal expenses.
Also talk to your accountant about expenses you can claim over several years. This includes things like borrowing expenses, depreciation (make sure you get a depreciation schedule) and certain capital expenses like improvements to the property.
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