We charge competitive rates on rental property tax returns. Our rates start as low as $250 + GST for a single property.
Rental Income you derive from the rental activity of your properties.
Expenses you can claim are as follows –
- Insurance and rates – Cost of insuring your rental property and rates for the property
- Interest – Interest charged on money you’ve borrowed to buy your rental property
- Fees and Commission – Fees or commission paid to agents who collect the rent, maintain your rental or find tenants for you
- Fees paid to an accountant – Fees for your accounts to be managed, tax returns to be prepared and advice but not the costs involved in setting up your rental property
- Repair and maintenance costs – Costs for any repairs related to the property or general maintenance. If you are doing it yourself then you can only claim for materials not your time. For any home improvements, it cannot be claimed as an expense.
- Motor vehicle expenses – Motor vehicles expenses such as running costs for travelling to inspect your property or to do repairs. You can either use our mileage rates or claim a percentage of the total running costs and depreciation.
Choose Professional Financial Solutions as your rental property tax return service provider and their team will go through the expenses of what can or cannot be claimed in the tax return.
Expenses that cannot be claimed are –
- The purchase price of a rental property
- The capital part of any mortgage repayments
- Interest on money which you borrow for other purposes
- Any repairs and maintenance that are deemed as improvements to the property
- Real estate agent’s fees incurred as part of buying or selling the property
- Cost of making any additions or improvements to the property.
- Depreciation on the buildings
Not following tax rules and laws can lead to mistakes and can incur unnecessary penalties. If you are unclear about claiming any expense then give our team a call, we will be happy to answer your questions.