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Hi
There are a couple of things you should do:
1. Go to the ATO website – there is a downloadable PDF book about what you can claim
2. Allow yourself to be conservative with 48 weeks per year rental
3. Budget for any maintenance items that you know need attention
4. Are you using a property manager – their fees are deductable
5. Look at your weekly rental x 48 = total gross – outgoings (inc your rates and insurance in these figure) = total weekly net
6. If your mortgage is higher than your rent then you can negative gear and do a tax adjustment now, you don't have to wait until the end of the year. Then you will get a tax break with your regular tax you a paying instead of having to wiat until the end of the year. It is called PAYG variation.
7. If your rental return % is 5% or above, you are doing well.Hope this helps?
This sounds very familiar. One of my associates had a tenant who liked to leave the plug in the sink Some Feng Shui thing, she then went on holidays, the older taps blew due to pressure but as the plug was in the sink, the property was flooded and neighbour contacted my associate.
Was the tenants belongings damaged and are they claiming for any of those items? If not then there is your positive upside as well.
