What can I claim on my rental property?

When you first purchase a rental property the tax implications can be confusing.  Here are some do’s and don’ts to be aware of.

What you can claim:

Expenses deductible in the year that you paid them.  These include council rates, repairs, insurance and loan interest.

Expenses deductible over a number of years.  These include borrowing costs, renovation and structural improvement costs and the cost of depreciating assets.

What you can’t claim:

Costs associated with buying or selling your property (although these costs may be considered with calculating capital gains)

Costs related to a property that is not genuinely available for rent.

Inappropriate costs for properties only available for rent part of the year.

Renovation and structural improvement costs cannot be claimed as repairs and must be treated as capital works.

Check out the ATO’s comprehensive article on rental properties for more information.

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