As an investor, you should fully understand what you can claim as immediate deductions, deductions relating to depreciating assets and capital works deductions.
There are a range of deductions that you should keep track of, from interest on your investment loan, land and council taxes, through to repairs and administrative costs for leases.
Finder.com.au says “Investors need to notice and record the immediate expenses that are deductible. Those who fail to claim all of their deductions could end up paying too much unnecessary tax.”
Pre-paying your interest, claiming deductions for the depreciation of assets such as appliances, and claiming borrowing expenses are more ways you can make the most of your investment.
It’s important to be diligent when claiming deductions, and keeping receipts and records for the financial year is crucial - not doing so could cost you a substantial amount of money.
And finally, find a great accountant, it really pays off. A knowledgeable accountant has up to date information, and the best part is, their fees are tax deductible.