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Many people groan come tax time but if you own an investment property, now’s the time to reap the rewards and claim back a raft of deductions you’re entitled to. It pays to be organised, so if you know the exact amount you wish to claim, you may have the option to apply to have the savings reimbursed into your weekly pay, rather than waiting for a lump sum after you’ve lodged a tax return. This method is particularly beneficial if you need increased cash flow.

Often, one of the biggest deductions you can claim relates to property depreciation. Now, I’m hoping most investors are familiar with this process by now, but if you’re not – get cracking – because you might be missing out on thousands of dollars worth of deductions in the first year alone.

What is depreciation? Depreciation refers to the wear and tear of your property, which can be claimed against your assessable income over a period of time.

Landlord savings As a landlord, there’is a list of expenses you can may be able to claim straight off the bat.

They include:

  • Advertising for tenants

  • Bank fees: this includes set up and management fees on your bank loan along with fees on any other related account, for example to collect rent etc.

  • Body corporate or strata management fees.

  • Cleaning the property.

  • Council rates.

  • Insurance which includes building, contents and public liability.

  • Legal expenses.

  • Land tax (where applicable).

  • Maintenance – like gardening, pool cleaning etc.

  • Management fees paid to a real estate agent or property manager.

  • Mortgage interest.

  • Pest control.

  • Repairs.

  • Travelling.

To ensure you have the most up to date information on claimable expenses relating to your investment property, it's important to review the legislation in your State and Country.


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