As an investor in residential rental properties, you can generally claim an immediate deduction on a number of expenses related to the management of your property.
The ATO supplies a list of items that you may be able to claim an immediate deduction on including:
- advertising for tenants
- body corporate fees and charges
- council rates
- water charges
- land tax
- gardening and lawn mowing
- pest control
- insurance (building, contents, public liability)
- interest expenses
- property agent’s fees and commission
- repairs and maintenance
- some legal expenses
- travel undertaken to inspect the property, to collect the rent or for maintenance.
The ATO website provides some excellent information and guidelines for property investors.