Investment Property Checklist
Rental Property Investor Deductions
• Direct costs associated with the property, ie advertising, agent management fees, rates
• Repairs & Maintenance ie lawn mowing, repairs to leaking taps
• Interest and borrowing costs on the loan used to purchase the property
• Depreciable items purchased during the year, ie Air conditioner, Blinds
• Capital Works Expenses on the property ie Installation of new driveway
Have you had a quantity surveryor prepare a depreciation schedule for your property?
There could be potentially thousands of dollars in deductions available to you and the cost of the survey is deductible.
As the owner of any investment property you’re entitled to claim on your building and its fixtures and fittings. This provides a significant taxation benefit, and one which many investors are unaware of. Depreciation is a non-cash deduction – you don’t need to spend any money to claim it.
Investment property owners should consult a specialist quantity surveyor to prepare a depreciation schedule before lodging their next tax return to get the deduction. Nathan Pensini at All Round Property Services can help you arrange for this report.
Feel free to contact me if you need any further information in regards to your investment property deductions & substantiation requirements.