Tax time. Two little words that can strike fear into the heart of every landlord.

But it needn’t be that way. All it takes is a little preparation and know-how and you’ll breeze through tax time like a pro.

Did you know that you can claim any expenses associated with your rental property?

Some rental expenses are obvious, such as repairs and maintenance, but some are often overlooked, such as the cost of advertising for a tenant.

We suggest you seek advice from your accountant to ensure you are claiming everything you are entitled to, however we have put together a quick checklist to tick off when lodging your tax return this year:

• Advertising for tenants

• Body corporate fees and charges

• Council rates

• Water charges

• Land tax

• Cleaning

• Gardening and lawn mowing

• Pest control

• Insurance (building, contents, public liability)

• Interest expenses

• Prepaid expenses

• Property agent’s fees and commission

• Repairs and maintenance

• Some legal expenses.

These are all expenses you can immediately claim this year – as long as you actually paid them. For example, you can’t claim water charges if those charges were passed on to the tenant.

There are also some expenses that you may not be able to claim this year, but can claim over a period of several years, such as:

• Borrowing expenses

• Capital expenditure

• Depreciating assets

• Initial repairs

• Capital allowances

• Capital works.

These expenses tend to be a little more complex and we recommend obtaining professional advice to ensure the details are lodged correctly.

Contact us if we can provide any further assistance.