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How well do you understand property tax deductions?

13 Feb 2018 Professionals The Wright Team 0 Comment

How well do you understand property tax deductions?

Many Australians may be missing out on the opportunity to buy an investment property simply because they don’t understand tax deductions.

A new study by Galaxy Research, on behalf of non-bank lender State Custodians Home Loans, found that less than half of those surveyed were aware of the main tax deductions they could claim on investment properties.

According to the study, just 44 per cent were aware they could claim real estate management fees.

Other claims people were unaware of included depreciation on appliances (42 per cent), interest payments on mortgages (39 per cent), building and pest inspections (37 per cent), depreciation on construction costs (36 per cent), damage caused by tenants (35 per cent), advertising for new tenants (34 per cent), and gardening (27 per cent).

The survey demonstrates the confusion that many have around buying or owning an investment property. There are a number of items that can be claimed and investors may be able to make more tax deductions than they realise.

For those thinking about buying an investment property, it may be more financially rewarding than it seems. The best way to find out exactly how much you can make back through tax deductions is to do your research or to hire financial help.

Talk to a financial advisor if you are thinking about buying an investment property to see if owning an investment property is an option for you. Also make sure to get a good accountant at tax time that can help you work through your claims and make the most out of your investment.

Professionals The Wright Team is located in the heart of Balga & services the entire region with a specific focus on suburbs including Balga, Mirrabooka, Koondoola, Girrawheen, and Westminster.

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