With one in five taxpayers owning a rental property, the Tax Office has issued a timely reminder that, depending on your circumstances, you may be able to claim the following expenses this tax season:

• Capital works;
• Repairs and improvements;
• Interest, legal costs and other expenses incurred when purchasing the property;
• Interest paid on the loan;
• Borrowing expenses such as:

 - mortgage broker and loan establishment fees;

 -stamp duty charged on the mortgage;

 -title search fees charged by the lender;

 -fees for any valuation for loan approval;

-the costs of preparing and filing documents on the loan; and

-lender's mortgage insurance

Remember, if your total borrowing expenses exceed $100, the deduction is spread over five years or the term of the loan - whichever is less.