Getting ready for the end of financial year
In the latest January building approval figures released by the Australian Bureau of Statistics (ABS) the number of apartment approvals rose nearly 24 per cent over the past 12 months.
Now is a good time to get organised and start working out what deductions you can claim for the financial year. That way you can get your tax return lodged nice and early.
Here is a refresher on what you can claim on a rental property.
Expenses could include:
• Advertising for tenants
• Bank charges
• Body corporate fees and charges
• Borrowing expenses
• Capital works
• Council rates
• Decline in value of depreciating assets
• Gardening and lawn mowing
• Interest expenses
• Land tax
• Legal expenses
• Pest control
• Property agent fees and commissions
• Repairs and maintenance
• Stationery and postage
• Travel undertaken to inspect or maintain the property
or to collect the rent
• Water charges
Remember, it is a good idea to visit the ATO website to get all the details on lodging your tax return or get in touch with a tax professional who will be able to guide you through the process of deductions on investment properties.