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NEWSLETTER
Changes in the property market have brought about many conversations around maximising investments in today’s climate. In turn, this has led to discussions around depreciation schedules, what they are, how they help and how to obtain one.
When it comes to property investments and investors, all deductions should be accounted for. The following list are items which can be claimed as tax deductions allowing additional dollars to be put into your pockets:
- Advertising for tenants
- Bank charges
- Body corporate fees and charges
- Cleaning
- Council rates
- Electricity and gas
- Gardening and lawn mowing
- In-house audio/video service charges
- Interest on loans
- Land tax
- Lease document expenses
- Preparation
- Registration
- Stamp duty
- Legal expenses (excluding acquisition costs and borrowing costs)
- Mortgage discharge expenses
- Pest control
- Property agent’s fees and commission
- Quantity surveyor’s fees
- Repairs and maintenance
- Secretarial and bookkeeping fees
- Security patrol fees
- Servicing costs - for example, servicing a water heater
- Stationery and postage
- Telephone calls and rental
- Tax-related expenses
- Water charges
- Travel and car expenses:
- Rent collection
- Inspection of property
- Maintenance of property
- Insurance :
- Building
- Contents
- Public liability
The above expenses will allow you to make an immediate deduction in the income year you incur the expenses, however, these are only a few items which are accounted for, and we suggest you speak to either a quantity surveyor or your accountant to find out additional information.
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