Tax Time Is Fast Approaching – Rental Deductions Checklist

Tax Time
Tax Time

More than one million Australians claim deductions on rental properties each year.

There are many possible expenses that property investors can potentially claim against income generated from leasing out the property. It is important to remember that deductions can only be claimed for times when the property is rented or genuinely available for rent (otherwise expenses may need to be apportioned).



Expenses you may be entitled to claim as an immediate deduction:

 Advertising for tenants
 Body corporate fees and charges
 Council rates
 Water rates and charges
 Land tax
 Cleaning
 Gardening and lawn mowing
 Pest control
 Insurance (building, contents, public liability)
 Interest expenses
 Property agent’s fees and commission
 Repairs and maintenance
 Some legal expenses
 Travel to inspect the property, to collect the rent or for maintenance

Borrowing expenses you may be entitled to deduct over time:

 Depreciation
 Capital works expenditure
 Stamp duty charged on the mortgage
 Loan establishment fees
 Title search fees charged by your lender
 Costs (incl. solicitors’ fees) for preparing/ filing mortgage documents
 Mortgage broker fees
 Fees for a valuation required for loan approval
 Lender’s mortgage insurance

Get prepared now to make sure that you have all your invoices and paperwork ready for tax time. We always recommend that you speak with your accountant to ensure that you are maximising your tax return.


IMPORTANT: This is not advice. Clients should not act solely based on the material contained in this post. Items herein are general comments only and do not constitute or convey advice per se. Every effort is made to ensure the contents are accurate at the time of publication. Clients should seek their own independent professional advice before making any decision or taking action. We take no responsibility for any subsequent action that may arise from the use of this information. Originally published by the PPM GROUP –