Rental Property Deductions | Online tax

These are your main Rental Property Deductions for 2024

When it comes to managing rental properties within the Australian Taxation System, there are several allowable deductions that property owners can claim. Maximising the benefits of your rental tax deductions by ensuring you capture all you can claim.  And don't forget to download the ultimate record keeping App, the Deduction Grabber and never miss a tax deduction again.

Interest on Property Loans 

One of the most significant expenses for many property owners is the interest on their property loans. The Australian Taxation Office (ATO) allows landlords to claim the interest charged on a loan if the funds were used for the property.

Council and Water Rates

Council and water rates are another expense that landlords can claim as a deduction. These costs are necessary for maintaining the property and ensuring it is suitable for tenants.

Property Management Fees

If you employ a property manager to take care of your rental property, their fees can also be claimed as a deduction. This includes the cost of advertising for tenants and the commission paid to the property manager.

Insurance

Insurance premiums for building, contents, and public liability insurance are considered allowable deductions. This ensures that you are covered in case of any damage to the property or legal issues.

Repairs and Maintenance

The cost of repairs and maintenance to the property can be claimed as a deduction. However, it’s important to note that these must be for general upkeep of the property, not improvements.

Depreciation of Assets

Lastly, the ATO allows landlords to claim a deduction for the decline in value of depreciating assets. This includes items such as appliances and furniture within the property.

Your rental investment matters. 

By understanding and claiming these tax deductions can make all the difference in the financial viability of your property investment.  For an easy and efficient way to manage your tax return, visit www.gotax.com.au. Gotax is a user-friendly platform that makes completing your income tax return online a breeze.