Property investors have a range of tax-deductible expenses available to them, but many miss out by not keeping proper records or seeking professional advice.
1. Review Eligible Deductions
According to the Australian Taxation Office (ATO), landlords can generally claim the following:
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Loan interest
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Council rates and water charges
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Property management fees
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Repairs and maintenance (not capital works)
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Insurance premiums
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Depreciation on fittings, fixtures, and the building itself (ATO, 2024)
For depreciation, it’s recommended to obtain a tax depreciation schedule from a quantity surveyor. Even older properties can yield deductions for plant and equipment or capital works, depending on when they were constructed and improved.
2. Complete Repairs Before June 30
Immediate deductions are only allowed for repairs (like fixing a broken fence), not for improvements or renovations (like installing a new fence). Completing eligible repairs before EOFY ensures they can be claimed in the current tax year.
3. Check and Update Records
Ensure all invoices, receipts, bank statements, and lease agreements are up to date. This includes documenting any period your property was vacant or undergoing repairs.
4. Work with a Tax Professional
Tax laws around property investment can be complex. A registered tax agent can help identify eligible deductions, avoid red flags, and maximise your claim.
5. Review Your Insurance and Compliance
EOFY is also a good time to check that your landlord insurance is current and appropriate for your property type. Additionally, ensure smoke alarm compliance, pool safety, and other legal requirements are met.
EOFY Is a Smart Time to Review the Bigger Picture
Whether you’re an investor looking to expand your portfolio or a tenant seeking more affordable options, EOFY is the perfect opportunity to evaluate your current living or investment situation.
At PRD Wagga Wagga, we help both landlords and tenants stay compliant, organised, and informed year-round. If you need guidance on rental statements, maintenance records, or are thinking of making a property move this financial year, our team is here to help.
Contact PRD Wagga Wagga on (02) 6923 3555 or visit prdwagga.com.au to find out more
