Let a Qualified Accountant Lodge Your Investment Property Tax Return

Sorting out your paperwork at the end of the financial year can be complicated enough as an individual or a business. However, when you own an investment property, it can be hard to know exactly what to claim. At Ezy Tax Online, we have the knowledge and experience to help you lodge all your paperwork and get the maximum return.

According to the ATO, there are a number of key areas in which investors often make mistakes when lodging their own return

  • Initial Repairs and Capital Improvements
  • Borrowing Expenses
  • Construction Costs
  • Legal Expenses
  • Travel Expenses
  • Record Keeping
  • Ownership Interests
  • Mortgage Interest
  • Apportionment of Rental Expenses
  • Overall Property Loss

On top of these factors, many people don’t realise that their investment property may qualify for depreciation. Check out Washington Brown to get a professional assessment for depreciation allowances and you may find you are entitled to additional claims. Depreciation report can be applied from here.

The below are all eligible as a deduction of an investment property

  • Advertising Fees
  • Bank Fees for Rental Property Purpose
  • Body Corporate Fees
  • Cleaning Expenses
  • Council Rates
  • Furniture and Other Assets
  • Gardening or Lawn Mowing Fees
  • General Maintenance and Repair
  • Insurance Premiums
  • Interest on Mortgage
  • Land Tax
  • Legal Fees for Rental Property Purpose, NOT for Purchases or Sales
  • Pest Control Fees
  • Real Estate Agent Fees and Commission
  • Stationeries, phone and postage for Rental Property Purpose
  • Travel Expenses for Rental Property Purpose (Till 2017 Financial Year)
  • Utility Charges
  • Water Charges

If part of your investment property is used to earn rent, you can claim expenses relating to only that part of the property. You need to work out a reasonable basis to apportion the claim. As a general guide, apportionment should be made on a floor-area basis, that is, by reference to the floor area of that part of the residence solely occupied by the tenant, together with a reasonable figure for tenant access to the general living areas, including garage and outdoor areas if applicable.

We’ll help you navigate the complexities of owning a rental property

While claims can be made in relation to many of these areas of investment, there are many intricacies and exceptions which can be easy to miss without the right experience. Even if you get it right, it can be an exhausting and time consuming process when done without any help. Our qualified team is on hand to make the process easier for you while getting the most out of your return. As with any of our other services, we strive to maximise your convenience by completing the necessary paperwork as quickly as possible. On top of that, we offer all of our tax specialty services online so that you don’t have to waste time driving to a face to face meeting with your accountant. To ensure we can get you the best possible result from your rental property tax return, it’s important to keep detailed records throughout the year on any rental income or expenses incurred.

Need help?

If you would like to find out more before lodging a rental property tax return, please don’t hesitate to get in touch. One of our qualified team members will be on hand to guide you through the process and tell you everything you need to know about your investment.