Tax Tips for Rental Properties

Boost your Tax Refund with these tax deductions!

Tax Deductions you may be able to claim on your rental property online income tax return

Home Loan Interest
You can claim the interest on the home loan for your rental property and any bank fees charged relating to the loan. 

If your loan was also used to purchase personal items (e.g. a car) you can only claim the home loan portion of the interest. 

Agent Fees or Commissions
Agents fees and/or commissions paid to your real estate agent to collect rent, find tenants and maintain your rental are tax deductible. 

Council & Water Rates

These are usually received quarterly from your Council and Water Supplier.  They can only be claimed for the period that your rental property was rented out or available for rent. 

Insurance Premiums

You can claim the cost of insuring your rental property, this is usually sent out in quarterly statements or you may be able to request an annual breakdown from your insurer.  

Repairs or Maintenance to your property

You can claim an outright deduction for repairs to wear and tear on your property e.g. repairing a broken appliance. However, if you replace an appliance you need to spread the deduction over a few years.

If you replace a fixed item on your property e.g. an old fence, you will need to spread the deduction over 40 years at a set rate. (Don’t worry, we work out the maths for this) 

Depreciation on Appliances

For brand new appliances costing more than $300, you can spread a tax deduction over several years. 

Other Expenses you may be able to claim for your rental property are:

- Advertising, if you have been advertising for new tenants
- Stationery & Postage costs
- Pest Control
- Lawn & Garden Maintenance costs

See how EASY it is to do your RENTAL TAX RETURN with Gotax Online! 

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