Tax Tips

Rental Properties

 

Rental Income

The following amounts need to be included in your tax return as income:

 

  • Rent Received
  • Letting or Booking Fees
  • Bond Money retained because of damage
  • Insurance payout where compensating for lost rent
  • Recoupment of deductible expenses from tennants

 

Rental Expenses

You can claim a deduction for certain expenses you incur when your property is rented or is available for rent:

 

  • Advertsing for tennants
  • Body Corporate Fees
  • Borrowing Expenses
  • Cleaning
  • Council Rates
  • Depreciation of Fixed Assets
  • Gardening / Lawn Expenses
  • Insurance
  • Interest on Loans
  • Land Tax
  • Legal Fees (for example, the cost of evicting a non-paying tenant or recovering unpaid rent)
  • Mortgage Discharge Expenses
  • Pest Control
  • Property Agent Fees
  • Repairs & Maintenance
  • Building Depreciation for residential accomodation where construction began after 17 July 1985
  • Stationery / Phone / Postage
  • Travel Expenses
  • Water Rates

 

TAX logic will sit with you and work out whether your rental property expenses qualify for deductions.

Book an appointment to get your tax return completed.