Check out these top #10 tips from the Australian Financial Review.
1. Deduct repairs, depreciate renovations and talk to your accountant to be sure you know the difference.
2. Claim advertising costs for attracting new tenants.
3. Put money back in your pocket with negative gearing when investment expenses outweigh income.
4. Claim water rates and council taxes.
5. Agents fees, postage and bank charges can be deducted.
6. If you’ve had the misfortune to need tenant-related legal advice the good news is legal fees are deductable.
7. Claim your building, contents and landlord insurances.
8. Get a quantity surveyor report to maximise depreciation benefits.
9. Pre-pay interest on fix-term loans before June 30 (ok, so it’s too late now, but remember this one for next end of financial year).
10. Above all else, do it by the book. The Australian Tax Office has told the Australian Financial Review it will be scrutinising tax returns for illegitimate deductions claimed for rental properties.
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