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Getting Ready for Tax Season as a Landlord

If you’re a landlord, it’s never too early to prepare for the busy end-of-year tax season. As a landlord, it can be confusing about where to begin while getting your finances in order, so we’ve come up with some tips to help you do it.

It’s vital you don’t delay doing your taxes, as it’s often landlords who the Australian Tax Office audits at the end of June.

Get your negative gearing amount correct

The great aspect of negative gearing is that it can save you money, with your net loss from your rental property offsetting your other income and therefore reducing your taxes.

However, it’s important to be aware that you can only claim negative gearing for when the property has been rented out. So if you’ve lived in the house for any part of the financial year, you can’t claim on those months.

Check your insurance

Did you know you can claim your landlord insurance premium as part of your deductions for tax?

However, you will need to check your tax to make sure it is the appropriate coverage for these deductions. For example, a regular home and contents policy won’t cover landlords with anything related to their rental property.

Be aware of all the costs you can claim

Did you know there are numerous expenses you are able to claim at tax time? If you’re a landlord, you can claim your strata fees, maintenance costs such as plumbing work, and running costs including council rates and water charges.

To make sure you are across all you can claim, and to ensure you are claiming the right things, it’s best to talk to your accountant or bookkeeping specialist.

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Offsetting expenses

If you manage your properties yourself, you may also be able to claim some of the expenses of working from home.

A percentage of your computer purchasing fees and part of your internet bills each month can be used as part of your deductibles.

Claim your property manager costs

If a third party manages your property, you can also deduct these expenses from your tax bill.

A good property manager will even complete the relevant tax paper work for your ATO reporting.

We hope these tips help you get organised for the upcoming tax time.

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