Property Management

Property managers and property management agencies charge all sorts of fees and itemise them on your annual rental statement (which they will probably charge another fee for printing for you). On the positive side, all of those fees are indeed rental property deductions, and for the purposes of your Income Tax Return, you can simply group them all together to a single item.

 

That said, there are of course other items paid for in the course of managing the property which need to be included as a separate item in your Income Tax Return. Repairs and maintenance, advertising, and water charges, to name a few.

GST on management fees is often misunderstood – it can simply be included with the property management fees for the purposes of your rental property deductions. Most private investors holding residential real estate can not claim this GST as an INP credit even if they are registered for GST.

 

Some of the different expense categories itemised on your rental property statement are:

  • letting fees
  • property inspection fees
  • property condition report fees
  • sundry expenses
  • postage fees
  • cheque issuance fees
  • GST on fees

 

The expenses listed on your rental property statement which need to be claimed as other items are:

  • advertising fees
  • repairs and maintenance
  • council rates
  • water rates & charges
Our Clients Think Highly of Us

Levi, I thank you for your amazing integrity and professional support. You gave me 110% of yourself and assisted me in attaining a very important business loan which has propelled my business. I would not have been able to have done it without your professional support.

Julie Jasper

Articles
Recent Articles
  • National Rent Affordability Scheme

    Whilst the National Rent Affordability Scheme was introduced some time ago, it has only recently become accessible to private investors.

  • PAYG Variation

    We submit an application to the tax office with all of the details of your income and deductible expenses. Providing the application is approved, the tax office will then notify your employer of the variation, and ask them to withhold a more appropriate amount of tax from your salary every week or fortnight.

  • Medicare Levy Exemption Certification

    Whilst it can be a fairly simple process to acquire a medicare levy exemption certification, it does take some doing, and can take some time. If you are eligible, then it is absolutely worthwhile.

  • Home First Used to Produce Income Rule

    A simple explanation of the often overlooked 'home first used to produce income rule'.

  • Subdivide Your Principle Place of Residence

    You probably already know that your principle place of residence is exempt from capital gains tax. Unfortunately, once you subdivide, only one property can be exempt as your principle place of residence, so the other property (or properties) will not be exempt when sold.

Capital Gains Tax
Work Related Expenses
Negative Gearing
Rental Property Deductions
Contact Us

Phone:

(08) 9842 2942

Fax:

(08) 9842 2943

Postal:

PO BOX 509
ALBANY WA 6330

Send Us An Email
Mailing List

Our mailing list is an easy and convenient way to keep up to date with relevant tax topics.

Join Now