tax depreciation

7 Tax Time Tips for Investment Properties

7 Tax Time Tips for Investment Properties

EOFY might be over but tax time is still in full swing!

Here are some tax tips for Rental Properties provided by The Tax Institute:

  1. Keep all your receipts to justify the deductions that are being claimed. An absence of such receipts will make life very difficult if an audit calls for proof of the expense. 

  2. The property must either be rented, or “genuinely available" for rental in the income year for which a deduction is claimed. If you use the property for private purposes, you cannot claim expenses.