What can I use as deductions or expenses against my investment property

Deductions, or expenses, may be offset against rental income or other assessable income.  Expenses that can be deducted from your rental income include:

• Loan interest
• Body corporate fees
• Local government and water rates
• Land tax
• Gardening expenses
• Costs associated with advertising for tenants
• Depreciation

Depreciation

Depreciation refers to the writing-down of the cost of an asset over its estimated life. This form of deduction is allowed for assets such as furniture, carpet and washing machines. You can claim a proportion of each item, each year over its effective life.

There are different ways of calculating your depreciation and this should be decided upon in consultation with your accountant.

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