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Sydney Morning Herald
3 days ago
- Business
- Sydney Morning Herald
Tax time tips for property owners: understanding deductions and depreciation
Landlords, it's almost tax time. Do you know which expenses you can claim and how you should claim them? Many landlords fail to make the most of their tax-deduction entitlements. So, we asked Stuart Waugh, a director at the Sydney-based financial advice and accountancy firm Altus Financial, to talk us through it all. What deductions can landlords claim? Rental expenses that you can claim as deductions come in two categories, Waugh says: Expenses for which you can claim a deduction now (in the income year you incur the expense) — for example, interest on loans, landlord insurance, council rates, repairs and maintenance, and depreciating assets costing $300 or less. Expenses for which you can claim a deduction over several years (or decades), including capital works (such as a new fence or driveway), borrowing expenses (such as lender's mortgage insurance), and the decline in value of depreciating assets (such as curtains and appliances). 'It is important to claim each expense under the correct expense type to make sure you treat it correctly for tax purposes,' Waugh says. What's the difference between repairs and improvements? Fixing something and improving your property are very different things in the taxman's eyes.
The Age
3 days ago
- Business
- The Age
Tax time tips for property owners: understanding deductions and depreciation
Landlords, it's almost tax time. Do you know which expenses you can claim and how you should claim them? Many landlords fail to make the most of their tax-deduction entitlements. So, we asked Stuart Waugh, a director at the Sydney-based financial advice and accountancy firm Altus Financial, to talk us through it all. What deductions can landlords claim? Rental expenses that you can claim as deductions come in two categories, Waugh says: Expenses for which you can claim a deduction now (in the income year you incur the expense) — for example, interest on loans, landlord insurance, council rates, repairs and maintenance, and depreciating assets costing $300 or less. Expenses for which you can claim a deduction over several years (or decades), including capital works (such as a new fence or driveway), borrowing expenses (such as lender's mortgage insurance), and the decline in value of depreciating assets (such as curtains and appliances). 'It is important to claim each expense under the correct expense type to make sure you treat it correctly for tax purposes,' Waugh says. What's the difference between repairs and improvements? Fixing something and improving your property are very different things in the taxman's eyes.
