I thought that I would keep today’s blog a little bit lighter than some of my most recent thoughts which have gotten a little bit heavy and complicated!

Did you know that at the end of the financial year, you may be able to claim some of the costs for traveling to your investment property, for conducting repairs or perhaps attending an inspection.

I find that a lot of our landlords are unaware of this nice little perk and then they are missing out on claiming something back from the Government that they might be entitled to, and we all like to have a little extra that we can claim at tax time!

I have had a landlord who worked on an oil rig and prior to this time he was a soldier in the Defence Force, living in Townsville.  His family lived in Mudgee and he had an investment property in Lithgow that we managed for him.  He would book a trip to come home and whilst he was on his trip home, he would make a time with me so that he could go through his property with our office.  At the end of the inspection, we would give him a letter that he could take to his accountant at tax time and he was able to make a claim on his tax with regard to some of his travel costs.

Let’s be clear that I am not an accountant (this is only sort of true because actually I am a trust accountant… but I think you know what I mean!).   I would recommend that you speak with your own accountant and have them catch you up on what might fit in your own personal circumstance.

If you need our office to provide you with a letter to use at tax time, please make sure that you inform one of us that you require this and we can have it ready for you when you come in to the office.