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Owner Quick Tips #1


Owner Quick Tips #1

 Tax Time is getting close

It’s that time of year again! Here are our top 5 deductions for rental property owners:

Claiming Agent’s Fees:
Property Managers help you to achieve the most income from your investment property and one great benefit of this is that the fees charged are tax-deductible!

Claiming Maintenance & Repairs:
Used a plumber, electrician, pest controller, gardener, or any other tradie over the past financial year for investment property repairs or maintenance? All of those costs are genuine expenses and contribute towards the property deductions.

Claiming Landlord’s Insurance:
Not only is this a vital part of owning a rental property and something we highly recommend having to protect your asset and income, but it is also deductible.

Claiming Marketing Costs:
If you have relet your property at all over the past year, chances are you have had to advertise it to attract the best possible tenant. This cost is deductible against your property’s income and the cost is easily located on your end of financial year statement – another bonus of using an Agent to manage your property!

Claiming Utilities Between Tenancies:
If you had a vacancy period between tenants and kept the power connected, you can claim supply and usage charges incurred for this time.

In order to claim any deductions against your investment, the property must be tenanted or genuinely made available for rent. It must be livable, reasonably priced, and genuinely listed for rent. While we endeavor to provide the most correct and up to date information, we highly recommend you consult with a licensed tax agent or accountant that specializes in investment properties.