Rental Property Expenses Schedule
Note: This is a checklist, not advice. Expense claims are subject to limitations based on their character, timing, extent of attribution to rental activities and sufficient substantiation. *Some expense claims may typically be required to be spread over more than one tax year.
- Advertising for tenants
- Property management fees
- Bank fees paid on an account used for rental transactions
- Body corporate or strata fees paid
- Borrowing costs*
- Mortgage discharge costs
- Loan establishment fees*
- Capital allowances, decline in value, depreciation *
- Cleaning
- Council rates
- Gardening maintenance
- Lawn mowing
- Tree pruning
- Pool cleaning
- Maintenance of grounds, buildings, contents
- Insurances including building, contents and landlords insurance
- Interest on loan(s) or credit cards used to purchase the property or to pay for anything directly associated with the property
- Land tax
- Legal fees – lease preparation
- Legal fees – debt collection, eviction etc
- (Legal fees associated with the property purchase – not deductible, but may form part of the cost for CGT purposes)
- Pest control – prevention or eradication
- Repairs to property, equipment or fixtures (distinguish replacements or complete renewals which may need to be capitalised
- Painting
- Replacing capital items – costs may need to be allocated over the effective life of the asset *
- Stationery, postage, telephone calls and internet access directly related to managing the property, e.g. collecting rent or organising maintenance
- Travelling to inspect, undertake maintenance and repairs or improvements to the property. In some circumstances this can include accommodation.
- Water rates and water consumption