Do you own rental property?

By deducting rental property expenses on your tax return you can access an incredible range of possible tax deductions that can boost your tax refund and leave more rental income in your pocket.

It’s important to stay on top of your rental property tax deductions and claim them correctly to maximise your tax refund (without getting into hot water with the ATO).

What are Tax-Deductible Rental Property Expenses?

If you own a rental property that you receive an income from, you can claim any expense associated with earning that income. Rental property expenses are deductions (from your taxable income) of expenses relating to the owning and operating a rental property. And there are lots of them!

For example, if you pay for lawn mowing or council rates on your rental property, this is considered an expense you incur to earn income from the property. If you did not own the property you would not incur the expense.

To help you make the best claim have a look at our investment property checklist to get the best refund.

Enjoy tax concessions and investment income

Australia’s love affair with investing in property has been a key driver of personal wealth. Buying an investment property has become increasingly popular with people wanting to increase wealth and diversify their investment portfolio.

However, investing in property can be risky. While property values can rise quickly, as we have seen across many Australian property sectors in the last decade or so, they can also fall quickly.

Despite being subject to relatively high purchase/sales taxes such as stamp duty and capital gains tax, properties held long-term can yield higher returns not generally seen with other investments.