Rental Properties
NOBLE TAX GROUP
Rental Properties
Rental properties are other aspects of your tax returns. If you have rental properties, you are required to include all the income which you generate from your properties. You could also claim the expenses related to your rental properties.
Below are the immediate deductions in the income year you can claim for rental properties.
- Advertising for tenants
- Bank Charge
- Body corporate fees and charges
- Cleaning
- Council rates
- Electricity and gas
- Annual power guarantee fees
- Gardening & Lawn Mowing
- In-House Audio and Video Services Charges
- Insurance
- Interest on loan
- Land Tax
- Lease document expenses (Preparation, registration, and stamp duty)
- Legal expenses (excluding acquisition costs & borrowing costs)
- Mortgage Discharge expenses
- Pest Control
- Property agent fees and commissions (including prior to the property being available for rent)
- Quantity Surveyor’s fees
- Costs incurred in relocating tenants into temporary accommodations if the property is unfit to occupy for the period of time
- Repair & maintenance (cost of a defective buildings works reports in connection to repairs and maintenance conducted
- Secretarial & Bookkeeping fees
- Security Patrol Fees
- Servicing cost, for example, servicing a water heater
- Stationery & Postage
- Tax-related expenses
- Water charges
Below are expenses that are not deductible:
- Travel and other expenses (such as agents’ fees or the cost of newspapers) incurred during the process of searching for a suitable rental property to purchase are normally not deductible and do not form part of the cost base of the property for CGT purposes.
- From 1 July 2019, a deductible is not available for the interest incurred during the construction of the property.
- From 1 July 2017, Travel to residential property is not tax deductible.
- Acquisition and disposal cost of the property.
Once you sell the rental properties, there will be a CGT event.
For further information on rental properties, please contact us.
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