Rental Property Expenses
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.
Call (02) 4731-1405 A Grade Tax Penrith for all your tax accounting, bookkeeping, superannuation, tax return, capital gains tax advice and planning.
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