Dial D for Deductions
Tax time is just around the corner so it's time to get all those receipts bundled up and expenses documented for your accountant. Have you forgotten anything? Let's take a look at some of the things that can make a difference to your bottom line.
Make repairs now. If your property is in need of additional repairs, try doing them before the end of June so that you can claim them back quickly. If you miss the June 30 deadline, you'll have to wait another 12 months before you see any savings.
Weekly reimbursement. If you are in need of extra cash flow you can apply to have the savings from your claim reimbursed into your weekly pay, rather than waiting for a lump sum after you have lodged your tax return. This is called PAYG Withholding Variation. Contact the ATO or talk to your accountant about this option.
Straight out claims. There are certain expenses that you can claim straight off the bat as a landlord. These include:
- tenant advertising
- bank fees
- body corporate or strata management fees
- council rates
- insurance
- legal expenses
- land tax
- mortgage interest
- pest control
- travelling - any trips made to inspect, repair or maintain the property