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Top 3 tax time tips for Property Investors

Australian fintech TaxTank allows property investors to monitor their overall equity, cash position and tax position in real time to make smart investment decisions and maximise their tax deductions. Get their top tax time tips here.

Keep Records of Common Deductions

Many property investors don’t realise just how many expenses can be claimed as tax deductions! Solid record keeping can ensure you’re claiming everything you’re entitled to.

Some of the most common deductions for property investors are:

  • Repairs and maintenance costs
  • Insurance costs
  • Depreciation
  • Body Corporate fees
  • Property Management fees

To keep your expenses in order and safeguarded against ATO corrections, go digital with TaxTank’s permanent document storage.

Claim The Three L’s: Land Tax, LMI & Loans

 We see so many clients who have been missing these three big tax deductions!

Land Tax is an expense, not capital, so you can claim it on your tax return! States can vary in their rates and thresholds of Land Tax, so it doesn’t hurt to see what your obligations are depending on what state you’re in.

LMI, Lenders Mortgage Insurance, often gets forgotten about as a tax deduction for property investors. Similar to Land Tax, LMI is not considered capital and is actually a borrowing expense which can be claimed on tax.

Your loans, not just your LMI, are also deductible over 5 years as a borrowing expense. ‘Borrowing expenses’ refers to all the costs involved with taking out a loan, such as application fees, valuation fees, title search fees and refinancing costs.

Manage & Minimise CGT

Capital Gains Tax (CGT) is applied on the sale of a property, unless you are selling the property you lived in. However, if you started to rent part or all of it out, CGT will apply.

The amount of CGT you will have to pay when you sell depends on how much of the property was rented and for how long. To put off your CGT for 12 months, you could consider exchanging contracts after July 1st. Even better, you can reduce your CGT by 50% by holding your investment property for a minimum of 12 months.

We recommend keeping detailed records of dates relating to your property and market values to manage the expense of CGT. Tracking changes, dates and market values is a breeze in TaxTank, plus calculating CGT is simple with our automated smart tax tools.

Maximise your tax return this financial year by taking these tips into account and become tax confident.


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Important Tax Deadlines

For all incomes earned between 01 July 2023 – 30 June 2024.  

Tax returns can be lodged from 01 July 2024. You can prepare early with TaxTank so you know exactly what’s going on ahead of time.

For all incomes earned between 01 July 2022 – 30 June 2023.  

Tax returns are now OVERDUE.  

You can use TaxTank to get up to date and lodge with our partner accountants.

Tax returns are OVERDUE.  

You can use TaxTank to get up to date and lodge with our partner accountants.

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