Rental Properties & Tax for Individuals

David Andreoli

David Andreoli

Balanced Bookkeeping & Tax


If you receive income from an investment property you own then you are able to claim expenses associated with earning that income. Rental income is relatively straightforward but expenses related to owning and operating the rental property can be more complicated.  There is a long list of possible expenses that can be claimed against rental income such as:

  • Advertising for tenants
  • Bank charges on accounts
  • Cleaning
  • Council rates
  • Depreciation on capital expenses
  • Gardening & Mowing
  • Insurance
  • Interest on Loans
  • Pest Control
  • Repairs & Maintenance

These are just a few of the possible deductions – basically if you incur a cost in owning and operating the property, it is likely to be deductible.

It might also be worth considering engaging a Quantity Surveyor to assess the possible depreciation deductions relating to your rental property.  Quantity surveyors will prepare a depreciation schedule that will provide a depreciation deduction for each years tax return, thereby improving your tax position.  There will be a fee involved in obtaining this schedule but these fees are also 100% deductible.

One cost which is no longer deductible for residential rentals is the cost of travel you incur relating to your rental property – this includes travel for inspections, maintaining or collecting rent from these properties. 

If you have any questions about your rental property, feel free to get in contact with us to discuss.

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