All Topics / Legal & Accounting / What can I claim back on with an Investment Property

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  • Profile photo of belindapbelindap
    Participant
    @belindap
    Join Date: 2009
    Post Count: 1
    January 21, 2009 - 12:35 am

    Hi Everyone, I am new to this and have just bought our first investment property and I am just after some help on what tax benefits we can claim on with the property, we had heard it was better if we put the house in my partners name (as he has a higher salary) we have done this, what other things can we do to get the best out of the investment property??? any help would be great! thanks Belinda

    Profile photo of Dan42Dan42
    Member
    @dan42
    Join Date: 2008
    Post Count: 619
    January 21, 2009 - 4:07 am

    Hi Belinda,

    One thing you can do is engage a quantity surveyor to assess the items in the house that can be depreciated. Also, keep a record of the kilometres travelled to and from the investment property.

    Profile photo of ErikHErikH
    Member
    @erikh
    Join Date: 2007
    Post Count: 118
    January 21, 2009 - 8:12 am

    You can deduct:

     – interest on the property loan
     – costs associated with renting the property e.g. management fees, advertising, maintenance etc.
     – depreciate the house/unit plus plant/fixtures get a professional to make a depreciation report for you (e.g. DEPPRO or many others, costs about $400) 
     – reasonable travel costs

    Talk to your accountant or google it for more detail  

    Profile photo of Property ReturnsProperty Returns
    Member
    @property-returns
    Join Date: 2009
    Post Count: 8
    January 22, 2009 - 2:02 am

    Belinda,

    Adding to Erik comment on the Quantity Surveyor, check out http://www.propertyreturns.com.au   we are running a special now for $299 fully inspected.

    Liam

Viewing 4 posts - 1 through 4 (of 4 total)

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