Just bought a Rental Property?

**If so,** **CONGRATULATIONS**!

**Let’s get you Tax Ready to ensure you get the most return from your investment.**

Buying your first rental investment property is very exciting but it also means additional record keeping is required to be ready when Tax Return processing comes. It pays to be aware beforehand of which information to keep track or keep a record of so you will get the full tax benefits you are entitled to.

Non Tax deductible Acquisition expenses

These expenses need to recorded and kept as it will be needed to reduce capital gain tax when property is disposed or sold.

Purchase cost
conveyancing costs
Stamp Duty

Tax deductible Rental Expenses

For these rental expenses to be tax deductible, they should be incured for the purpose of producing a rental income and during the time that the property is genuinely available for rental (ATO, 2021) or is currently leased to a tenant.

Quantity Surveyor cost
Advertising cost
bank charges
body corporate fees and charges
cleaning
council rates
electricity and gas
gardening and lawn mowing
repairs done to make it ready for renting (painting, plumbing etc..)
in-house audio and video service charges
insurance (Building, Contents, Public Liability
interest on loans
land tax
lease document expenses (preparation, registration)
Rental Agent Fees

For easy record keeping, we have prepared a spread sheet where you can record all these expenses and have it ready when you visit your tax agent. Download Rental Expenses Spreadsheet now.