Which tax deductions can you claim?

By |

Tax time may be a few months off, but it pays to be organised – and by getting your ducks in a row now, you can save yourself a giant headache come tax time.

Also, if you know exactly what you can claim, you can actually start enjoying the savings in your pay packet each week, rather than waiting til End of Financial Year.

For instance, if you know that your property-related tax deductions amount to $6,000, that equates to a tax refund of $1,890, if you pay tax on a standard 31.5% tax bracket (annual income of $30-$80,000).

That’s $36 per week you could have deposited into your account as part of your regular salary, instead of waiting to receive it as a lump sum when you file your tax return. To investigate this option, get in touch with your payroll officer so you can fill out the appropriate forms.

In the meantime, Tracey Collins, director of Personal Tax Specialists in Ulladulla, outlines the tax deductions you may be able to claim as a property investor.

As a landlord, you may be able to claim the cost of:

  • Advertising for tenants
  • Property management fees paid to a real estate agent to manage the property
  • Bank fees paid on the account you deposit the rent into and pay expenses out of, and also on any bank loans used to finance the purchase of the property
  • Body corporate or strata fees (usually only applicable for units or townhouses)
  • Loan establishment fees paid to your bank to set-up the original loan to purchase the property
  • Cleaning the property, such as professional cleaning carpets after the tenant has vacated the property
  • Pest control
  • Council rates and water rates
  • Maintenance, such as looking after the gardens and pool
  • Insurance, including building, contents and landlords insurance policies
  • Mortgage interest. Note that you can only claim interest on a loan that is specifically taken out to purchase or renovate the rental property
  • Land Tax, if applicable
  • Repairs made to the property, fixtures or plant, such as bathroom fittings, stoves, lighting, carpets and blinds
  • Replacing “capital” items such as stoves, dishwashers, bathroom fittings, pool pumps, carpets and hot water heaters
  • The cost of travelling to inspect, undertake maintenance and repairs or improvements to the property
  • Stationery, postage, telephone calls and internet access related to the property, collecting rent or undertaking maintenance and improvements

“We suggest that you keep receipts for all purchases that relate to your investment property, even if they’re not on this list,” Collins advises.

“That way, when your accountant prepares your tax return, they can decide whether you are allowed to claim a tax deduction for them or not.”


With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Top Suburbs : goulburn , st peters , st marys , thebarton , canterbury

go back

Get help with your investment property

Do you need help finding the right loan for your investment?

When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here