Rental Property Expenses

 A Grade Tax Accountants Penrith

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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