Do you Own a Rental Property that generates income?

If you invest in a rental property or rent out your current property, you’ll need to keep records right from the start, work out what expenses you can claim as deductions, and declare all your rental-related income in your tax return.

You can generally claim an immediate deduction against your current year’s income for your expenses related to the management and maintenance of the property, including interest on loans.

If your property is negatively geared, you may be able to deduct the full amount of rental expenses against your rental and other income, such as salary and wages and business income.

All Expenses are only deductible for the periods when the property is available for rent that means;

  • The property is being advertised and is given broad exposure to potential tenants
  • The property is available and tenants are likely to want to rent the property

If you only rent out part of the property is used to earn rental income

  • You can only claim the part of your expenses that relates to the rental income. This is usually based on a floor-area basis.

Our tax Experts can make tax time hassle-free while ensuring that you get maximum tax benefit out of your rental property.

Rental Property Checklist

  • Rental Income
  • Any Other Income
  • Borrowing Expense
  • Council Rates
  • Water Rates
  • Capital Allowance
  • Capital Works Deduction
  • Repairs & Maintenance
  • Interest on Loan
  • Insurance – building, contents, public liability
  • Land Tax
  • Cleaning
  • Gardening and Lawn Mowing
  • Property Agent Fees and commission
  • Advertising for Tenants
  • Any Other Bank Charges
  • Body Corporate Fee
  • Electricity and Gas
  • In-house audio/video service charges
  • Legal Expenses (Only related to managing the property. Legal fees on the purchase of the property are not claimable).
  • Lease Cost – Preparation, registration, stamp duty
  • Mortgage discharge fee
  • Pest Control
  • Quality surveyor’s fees
  • Secretarial and Booking fees
  • Security patrol fees
  • Servicing Cost e.g. Servicing a water system
  • Stationery and Postage
  • Telephone Calls and Rental
  • Tax related Expenses

Rental Property Information

  • Name of owners
  • Address of the property
  • Preferred contact number
  • Date of first income earned
  • Number of Weeks rented
  • Ownership Type

Attachments required

  • Council rates
  • Bank Statement for the interest paid for the FY
  • Depreciation Report
  • Water rates, Electricity and Gas Rates
  • Property Agent Report

*If the property is managed by the real estate agent, please provide the property agent statement and in the above form only required the deduction amount which are not included in the property agent’s statement.