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Top 10 tax return mistakes to avoid

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Your Investment Property | 01 Jul 2011, 12:00 AM Agree 0
It’s that time of year again: Eddie Chung reveals the common mistakes investors make when claiming tax deductions on their investment property
  • Li | 22 Feb 2012, 09:56 PM Agree 0
    Very good. Thank you.
  • Warren Sparrow | 10 Apr 2013, 05:43 PM Agree 0
    Can I claim double the interest on my rental property for 1 year only.
  • BOSU | 09 Jul 2013, 02:42 PM Agree 0
    WELL WRITTEN ARTICLE, VERY CLEAR AND LOGICAL THANKS
  • josie | 24 Jul 2013, 10:21 AM Agree 0
    if an interest only loan for an investment property is in two names and the deed of the house is in one name only does 1. the interest on loan have to be split in half for tax return purposes 2.all the expenses associated with house split equally also.
  • palu | 17 Aug 2013, 01:44 PM Agree 0
    If the property is undergoing repairs and maintenance for say 3 months after a bad tenant is it still considered as "available for rent" even though not fit for human habitation. The owner who conducted the repairs overnighted at the rundown property many times during the period rather than incurr motel costs which would have been deductible. He will claim meals which he is entitled to.
  • andy | 27 Oct 2013, 11:08 AM Agree 0
    If I have to borrow funds to pay for fees(mortgage insurance,stamp duty,settlement fees) can I claim these back as a tax deduction as they will obviously be added to my investment loan? Or can I only claim back the interest on the actual part of the loan that paid the property purchase price?
  • Mick | 14 Nov 2013, 11:53 AM Agree 0
    Very sage advice, structured and succinct, Thanks Eddie. Can you answer me this one please...
    If I buy land with the intention of building a rental house; the tax office allows me to claim deductions on loan interest and council rates provided I build within a reasonable time. What is considered a reasonable time?
  • Sam | 16 Nov 2013, 05:01 PM Agree 0
    I have recently been asked to pay a special levy for our body corporate to borrow funds to complete rectification works to our building. Are these levies deductible (ie because they relate to a loan) or non-deductible because they ultimately relate to capital works?
  • susan | 28 Jan 2014, 12:42 PM Agree 0
    is gst on body corporate fees claimable as a property investor? if so, under what law?
  • St. John's Property | 31 Jan 2014, 07:58 PM Agree 0
    As always, good advice at this time of year. This article has more incredible tips on the best way to "Avoid Tax Audits."
  • James | 13 May 2014, 06:35 PM Agree 0
    Excellent article providing very clear advice.

    The only other thing I would add would be with the travel expenses.

    Assuming your rental property is located interstate (and the trip is not of a private nature), you may tax deduct your airfare to inspect the property only once per year.

    _____________________________________
    James M
    Accountancy Matters
  • Janette | 10 Nov 2014, 12:31 PM Agree 0
    Very practical and useful article.

    Just one thing, borrowing costs over $100 are apportioned over 5 years. See: https://www.ato.gov.au/General/Property/In-detail/Rental-properties/Rental-properties---avoiding-common-mistakes/?page=8

    Cheers,
    Janette Ball
    On-the-Ball Business Services
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