What can I claim?

Did someone say tax deductible? No one likes missing a deduction if they can help it! Here are our top tips on what you should be claiming.

1. Maintenance Fees

Whether you are maintaining lawns, smoke alarms, pest management, or cleaning, these are all maintenance fees that can be deducted from the income you receive from your investment property. 

2. Loan Interest

This is a big one. If you own an investment property you should definitely be keeping an eye on the interest payable on the mortgage attached to it. Every year this will be a significant deduction against the overall income you receive from the property. 

3. Utilities

This can include anything from electricity, water, or gas and can easily be deducted from the outgoing costs of your investment property. Even solar panel or solar battery installation can be claimed as deductions against your property. As per usual with any of these things, keep your receipts!

4. Agents Fees

Not only are your property management fees and admin fees a tax deduction but also your tax agent fees are deductible. To save you having to pay for these directly most property managers or tax agents can take their fees directly from the income they pay you whether that is the rent paid monthly by your tenant or the one time tax refund you get once a year from your accountant.

5. Insurances

It is imperative that you are protected with various insurances including landlord insurance, building insurance and contents insurance for any items that are included with the property.

These fees are all deductible according to the ATO which is great because it means you can be protected against any adverse events and still put it towards a tax refund at the end of financial year!

If you need any advice regarding the above please contact us at https://www.blackpropertycc.com.au/contact/

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