Rental Property Owners

A friendly reminder that from the 1st July 2017 only assets purchased as new can be depreciated. This means if a taxpayer purchases, say a second hand oven, then the taxpayer cannot claim for that asset.

Travel of any kind will not be allowed to be claimed for inspecting, maintaining or even collecting rent. Also, travel to real estate agents, body corporate meetings, hardware store or the rubbish tip cannot be claimed.

Rental Property owners are being warned to ensure their claims are correct as the ATO have announced it will double the number of audits in relation to rental deductions with a specific focus on:

  • Over claimed interest
  • capital works claimed as repairs
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