Expert Services and Advice for Rental Properties Tax Return Springvale
Rental Expenses are the costs incurred when you own a rental property. However, many people are unaware of all of the legal deductions they are entitled to claim when they own a rental property. At MAS Tax Accountants Springvale, we can assist you to identify and claim all your eligible Rental Expenses. This could help you to legally maximise your tax return and gain a better understanding of your tax responsibilities and allowances. Our Rental Properties Tax Return Springvale services, provide expert tax processing and advice at a cost effective price. We will assist you to prepare, lodge and manage your rental property tax deductions, as well as process your individual or business tax return.
Property investment is a common tool used to growth your personal wealth. However, as the property owner, you have many responsibilities, including your tax obligations. Get the best from your tax return this year, by seeking professional and reliable Rental Properties Tax Return Springvale advice.
At MAS Tax Springvale, we are committed to providing you with high quality tax services and advice. To help you maximise your tax return, we have complied a list of deductions and considerations that you have be eligible to claim. Please seek advice from your MAS Tax Springvale Accountant before processing your tax claims.
The more common expenses include:
- Advertising For Tenants – advertising cost associated with finding a suitable tenant. This does not include advertising associated to the sale of the property.
- Body Corporate Fees – these are usually associated with apartments or town houses which ensure the property is well maintained. Can also be called ‘Owners Corporation Fees’.
- Borrowing Costs and Loan Establishment Fees – These are the costs directly associated when taking out a loan on the property, this includes loan establishment fees, title search fees, mortgage broker fees and stamp duty charged on the mortgage. These costs are expenses over 5 years if more then $100.
- Capital Works Deductions – this refers to any construction expenses.
These Capital Works Deductions can include:
These can only be claimed when the property is rented or available to rent. And spread over 40 years (2.5% per year)
- A building or extension, such as adding a room or garage.
- An alteration, like adding or removing an internal wall.
- Any structural improvements, like a gazebo, carport or sealed driveway or fence.
- Plus, the below items:
- Cleaning Costs
- Council Rates
- Depreciation on Fixtures and Fittings – Any asset that you purchase and put to use in the rental property can be depreciated at the ATO specified rate and years, if the asset cost less than $300 you can claim it in the same year.
- Gardening and Lawn Mowing
- Insurance – this includes building and contents insurance on the rental property, as well as landlord insurance and mortgage insurance.
- Interest on Loans – usually the highest amount you will be deducting. This amount must only include the amount relating to the rental property.
- Land Tax – set by the state government.
- Legal Fees and Leasing Costs – excluding acquisition and borrowing costs. The primary claimable legal fee is the cost of evicting a non-paying tenant. Others like purchasing or selling the property, resisting land resumption and defending your title to the property are not claimable.
- Pest Control
- Property Agent Fees
- Repairs and Maintenance – costs directly related to wear and tear or damage from renting. Replacements or improvements should be depreciated under fixtures and fittings or capital works deductions.
- Stationery, Telephone and Postage – costs must be related to contact with the rental property, such as agents or tenants.
- Travel Costs – expenses associated with traveling to and from the rental property for inspections.
- Water Rates and Water Usage
- Sundry Rental expenses – Any other expenses that are explainable, related directly to the rental property.
It should be noted that most of these costs can only be claimed when the property is being rented or is available to rent, this means that if you live in the property any costs are non-deductible.
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For an appointment, or a confidential discussion of your needs, please contact us below or call us on 1300 627 829.
