It’s tax time again and that means that it’s time to start thinking about your finances and what deductions you can make on your tax.
If you own an investment property then there are a number of tax deductions that can be made, and it’s very important that you claim on all of the deductions that are applicable to you so that you maximise the earnings from your investment property.
If you have incurred expenses over the last financial year from any of the following categories, then you may be able to claim these expenses back when you submit your tax:
Agent Fees & Commissions
Body Corporate Fees
Building & Structural Improvements
Commissions & Management Fees
Legal Fees not associated with eviction
Municipal Rates & Taxes
Electricity & Connection Costs
Repairs excluding initial repairs
The above is a non-exhaustive list, but as you can see there are a number of items from which you can make tax deductions if you have an investment property.
Tax laws change every year though, so it’s important that you get the most up to date advice on your investment property, before submitting your tax. You can check www.ato.gov.au for more information, but it may also be a good idea to talk to a tax professional.