We are almost there, 30 June is just around the corner and its time we get our tax return documents all sorted.
Some Real Estate agents give you a helping hand and send out an end of financial year statement detailing all the costs you have spent on your investment property so far. This is a really handy feature and will save you lots of time going through all your paperwork for the financial year.
If you don’t get an end of financial year statement here is a list of things you can claim, keep in mind some of these items wouldn’t always be on your end of financial year statement, for example your bank fees, so you might want to keep them all together.
- Advertising for tenants
- Bank charges and Interest
- Body corporate fees and charges
- Borrowing expenses
- Capital works
- Council Rates
- Decline in value of depreciating assets
- Gardening and lawn mowing
- Land tax
- Legal expenses
- Pest control
- Property agent fees and commissions
- Repairs and maintenance
- Stationery and postage
- Travel undertaken to inspect or maintain the property or to collect the rent
- Water charges
For more Information on this topic visit to the ATO website https://www.ato.gov.au/Individuals/Income-and-deductions/In-detail/Rental-property-expenses/
If you have any questions or want to find out more about how we can help save you time with your tax return please feel free to contact us.