Think you’ve claimed all you can on your investment property? Depending on your circumstances, the expenses you can claim as tax deductions on your property can vary!
Knowing what deductions you can claim can be confusing. For instance, some people mistakenly assume that maintenance and repairs of their property before it is leased can be claimed as a deduction – when in fact, this is false. Such a claim can only be made after the property has been leased. Aside from this, there are many other technicalities and conditions in regards to rental property deductions; generally, it is best to speak to a qualified tax agent who can match these to your specific circumstances.
For the meantime, check out this infographic from Etax Local that outlines which claims can be made immediately, over time, and after your property has been sold.
Want to learn more about claims you can make on your investment property? Get in touch with one of our tax accountants – call us on 1800 803 017 to book an appointment today!