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Property Management Top Tip 11

Seven Tax Deductions all investment property owners need to know about

  1. You can depreciation – These include floor coverings, window coverings, appliances, any building technology such as solar pv, video security systems or air-conditioning systems. Even an older property will deliver additional tax benefits if a depreciation schedule is drawn up that covers every applicable asset;
  2. You can claim agent or property manager fees – Not only does a great real estate agent or property manager help you achieve the best results from your investment property, the fees they charge are also tax deductible. In addition, the fees of any other expert including a valuer, depreciation expert, accountant, landscape designer or interior designer are also tax deductible;
  3. You can claim for maintenance and repairs – unlike your own home, any work you get done on your investment property is a legitimate business expense;
  4. You can claim for landlord insurance;
  5. You can claim interest on loans – you can deduct the interest cost of borrowing for purchasing, refurbishing or refinancing the property;
  6. You can claim marketing costs – every cent you spend on attracting/advertising for a tenant can be claimed as deduction against income;
  7. You can claim the cost of keeping power and water on between tenants – The supply charges and any usage charges incurred between tenants can be legitimately deduction from any income.

If you are looking for more advice on how to gain the maximum tax benefits from your investment property, I highly recommend consulting with an accountant that specialises in investment property matters. Not only will you put yourself on a solid footing with the ATO, their services are also tax deductible.

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