It’s tax time and no matter how good your accountant is, they can only work with the information you provide them. For those of you with investment properties, there are a lot of expenses which may be tax deductible and you should make sure you let your accountant know what you spent on your investment over the financial year.

The list below is our top 10 expenses that may be tax deductible:

Advertising for tenants
Property management fees
Loan interest and ongoing loan fees
Council rates, land tax, and strata fees
Building depreciation
Depreciation of fittings and fixtures like stoves, carpets, and hot water heaters
Repairs, maintenance, pest control and gardening
Building and landlord insurance
Stationery, phone costs and any travel to inspect the property
Accounting or bookkeeping fees

Although we are not registered tax agents or accountants and cannot provide tax advice, we can recommend that you keep accurate records of all you spend on your investment properties and submit this to a qualified accountant who will determine what is and is not deductible.

If you would like a copy of the spreadsheet we provide to our accountant each year for our investment properties, further explanation of anything here, or would like to an introduction to a good accountant, get in contact on the link below.

Happy tax time - is that such a thing?

First Avenue Finance Team