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Property News

Plan ahead for tax benefits

July 02, 2012

As we roll over into a new financial year, property investors should make plans for the coming 12 months of property repairs and maintenance so the schedule is complete prior to  30 June 2013.



There are a number of tax benefits that property investors should become familiar with so that they make the most out the financial benefits of owning an investment property.


‘Repairs and maintenance’ is just one example where property investors may be able to use these expenses in order to receive tax deductions*.


Plan the improvements you will make to your investment property in the coming 12 months.


These improvements may not only help achieve a higher rental income or increased demand for your rental property but also mean you may claim the cost of undertaking such work against your taxable income.


If you’ve been putting off painting your property or putting an air conditioner in or adding an awning to a courtyard, this year may be time to address these jobs.


Depreciation schedules are another must for property investors to ensure they make the most the financial incentives of owning an investment property.


Seek advice and assistance from professionals such as qualified property depreciation specialists to undertake a depreciation schedule prior to the end of each financial year.


Common deductions on investment properties include:


  • Advertising costs for tenants
  • Real estate agent management fees
  • Insurance - building, contents  and public liability
  • Council rates
  • Interest on loans used to finance the rental property
  • Gardening, repairs, maintenance  and pest control
  • Travel costs to inspect the property


*For more information on what you can claim as a deduction for residential property investors visit the Australian Taxation Office website, www.ato.gov.au.

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