Resources
Rental property deductions
The records that matter for an accurate rental schedule, and the traps that catch investors out.
Income records
- Property manager annual statement, which covers most income and several expenses in one document
- Rent received directly from tenants
- Insurance payouts or retained bond money
Deductible expenses
- Loan interest for the full year, across all loans on the property
- Council rates, water charges you paid, and land tax where it applies
- Landlord and building insurance
- Body corporate or strata fees
- Repairs, maintenance, pest control, gardening and smoke alarm servicing
- Advertising for tenants, letting fees and property related accounting fees
Depreciation and capital items
- A quantity surveyor depreciation schedule if you have one
- Receipts for new appliances or assets bought for the property
- Purchase and sale settlement statements, stamp duty and legal fees for the cost base
The common trap
- A repair restores something to its original state and is deductible now. An improvement upgrades it and is claimed gradually as capital works. Repairing part of an existing item may be immediately deductible, while replacing an entire asset or making an improvement may need to be claimed over time. Send everything and we will apply the correct treatment.
General information only. Whether an item applies to you depends on your circumstances. Ask us if you are unsure.
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