Our team possesses extensive knowledge and experience in investment property taxation. We stay updated with the latest ATO guidelines and tax regulations specific to rental income. With Financially Up, you can rest assured that your individual tax return will be handled by experts who understand the intricacies of investment property taxation.

Owning an investment property comes with the advantage of claiming several tax deductions, which can significantly reduce your taxable rental income. At Financially Up, we specialize in identifying and maximizing these deductions, ensuring you take full advantage of the tax benefits available to you. Here are some common tax deductions for rental properties:

1. **Interest on Investment Property Loans:** You can claim the interest portion of your loan repayments for your investment property, including mortgage interest.

2. **Council Rates and Water Charges:** Expenses related to council rates and water charges for your rental property can be claimed as deductions.

3. **Property Management Fees:** If you engage a property manager, their fees can be claimed as deductions.

4. **Repairs and Maintenance:** Expenses incurred for repairs, maintenance, and general upkeep of your rental property are generally deductible.

5. **Insurance Premiums:** Premiums paid for landlord insurance policies, building insurance, and contents insurance for the rental property can be claimed.

6. **Depreciation:** You may be able to claim deductions for the wear and tear or depreciation of assets within your investment property, such as appliances, furniture, air conditioning units etc.

Please note that this list is not exhaustive, and there may be additional deductions you can claim based on your specific circumstances. Our team at Financially Up will carefully assess your situation to identify all eligible deductions, ensuring you don't miss out on any potential tax savings.

Rental property income reporting can be complex, especially when dealing with multiple properties or if you're renting out part of your own home. Our tax professionals are experienced in navigating these complexities and ensuring accurate reporting of rental income, expenses, and deductions. We take care of the necessary calculations and ensure compliance with ATO requirements.