The end of financial year is here and if you’ve got an investment property, and you haven’t already, it’s time to get organised.
However, be aware that you can only make a claim during the time the property is rented. If you have lived in the property for several months and rented it the rest of the time, you can only claim for the time it was rented.
Figure Out What You Can Claim
You can claim interest on funds that relate to your investment property, insurances such as landlord insurance, building and contents and public liability. You may be able to claim property management fees, body corporate fees on strata, ongoing expenses and capital works.
Keep Track Of Expenses
Get A Depreciation Schedule
If you haven’t got a depreciation schedule, you’ll want to organise getting one from a registered quantity surveyor before EOFY. The surveyor will look at the entire property, including the floors, appliances, blinds, carpets, furnishings (if your property is provided furnished) and any renovations you’ve done.