If you own a rental property, any expenses incurred for that property are fully claimable as business expenses. To make sure you receive your full entitlement, these expenses should all be raised under the appropriate Rental Property expense categories as listed below (these categories are only to be used for a rental property that you own and operate as a business) 

  • Business Rental Property - Agent Fees
  • Business Rental Property - Equipment (Purchase)
  • Business Rental Property - General Expenses (i.e. repairs and maintenance)
  • Business Rental Property - Insurance
  • Business Rental Property - Interest
  • Business Rental Property - Rates

Instructions:

  • Before you start, make sure you have indicated that you have Rental Property Income under the Financial Details section on your Profile (use the Add Income Source button)
  • Raise the expense for the total cost incurred 
  • The system will default all the categories above to a claimable amount of 50% of the total cost, assuming shared-ownership with one other party. 
  • If the property is solely in your name and/or is co-owned by more than 2 people then you will need to change the "Proportion used for business purposes" percentage to reflect the percentage of your personal ownership, so we can ensure you are getting the correct tax relief 

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