Make sure you are claiming your rental property expenses

Source: State Revenue Office Victoria.

Make sure you are claiming your rental property expenses

As a property investor, you have access to numerous tax deductions on your rental properties which can reduce your taxable income and increase cash flow. Leveraging these deductions supports the development of a successful property portfolio and enhances prospects for future investment expansion.

Below is a list of some of the tax deductions all property investors should be taking advantage off;

·         Insurance

·         Advertising fees

·         Repairs and maintenance

·         Travel

·         Body corporate fees

·         Property management fees

·         Cleaning expenses

·         Council rates

·         Gardening and lawn mowing

·         Water charges

·         Pest control

·         Utilities

·         Legal fees

·         Tax depreciation schedule and accounting fees

·         Refinancing costs

·         Land tax

·         Property depreciation

If you would like to know more, please contact your tax accountant or a depreciation specialist.