Whether you own the rental property in your: own name and Self Managed Superannuation Fund (SMSF), company; trust etc., it is important to be aware of the allowable deductions as well as your obligation to disclose income.

Items that need to be considered if you have a rental / investment property:

From the Income side:
1.    Bond  - The receipt of bond does not constitute income, however, if that bond is kept in lieu of unpaid rent then it will be treated as rent.

2.    Rent will generally be assessed as income when it is actually received.

On the Expense side:
3.    Advertising Costs

4.    Body Corporate Fees

5.    Cleaning

6.    Council Rates

7.    Depreciation on Capital Items

8.    Gardening and lawn Mowing

9.    Insurance Costs

10.    Interest Costs

11.    Land Tax

12.    Legal Fees

13.    Pest Control

14.    Postage

15.    Real Estate Agents fees

16.    Repairs and Maintenance

17.    Stationery

18.    Telephone Expenses

19.    Travel

20.    Water Charges

If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com

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