That means it’s time for landlords to get their investment property receipts in order.
Most landlords will have an extra reason to rejoice this year as they can claim back some of the pain of increased interest payments thanks to Australia’s record run of rate hikes.
But don’t overlook the small things, is the advice one accountancy firm had to offer news.com.au readers last year.
They had several clients who had successfully claimed the cost of garden gnomes they believed increased their properties’ street appeal.
“Whether you think garden gnomes do that or not is really a matter of personal taste but several clients have successfully claimed them in respect of their rental property,” said Mark Chapman director of tax communications at H&R Block.
“Here’s a tip – make sure the gnomes are actually for your rental property; if they turn up in the garden of your family home, they are not deductible.”
Also of note was that in “limited circumstances” the family dog could earn you back some tax dollars. What’s the catch? You can claim the cost of purchasing and keeping a dog where it is a legitimate business expense, such as rounding up sheep on a farm of patrolling on official guard dog duty.
Given the lack of sheep stations in Brisbane, this probably won’t help our local landlords much this year.
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