PERTH & MANDURAH 08 9367 4222

08 9367 4222

Wow, it’s June 30 already! This year has flown by and that means tax season is upon us, which can cause some stress for all of us, including property investors. However, it’s also a great time to claim back a few investment related expenses incurred throughout the financial year. To help you out, here are some important things you need to have in your tax time checklist:

Rental Income Earned

Interest Charged on Your Loan

You can generally deduct the interest incurred on any finance associated with the purchase of the investment property.

In certain circumstances, you can claim deductions for interest on loans relating to purchasing the property and/or property maintenance and improvements. Whether the interest is deductible in the year it is paid, or is deductible over a number of years (depreciation) will be a matter for your accountant to consider. Your job is to ensure you have all your receipts in one place!

Importantly, you should ALWAYS seek professional accounting advice in relation to the deductibility of any investment related expense.

If you would like to know more about preparing your investment property expenses for tax time, or if you are interested in entering the property investment market, get in touch with one of our experienced brokers today.