Individual Taxation
Rental Property Tax Returns
Report your rental income correctly, claim the expenses you're entitled to and keep records that stand up — whether you own one property or several.
Overview
How we can help
Rental properties bring a range of tax questions: which expenses are immediately deductible, which must be depreciated, how to treat repairs versus improvements, and what happens when a property is used privately for part of the year.
We prepare the rental schedule for each property, work with your property manager statements and loan records, and help you keep the cost-base records you'll need if you sell.
What's Included
Our rental property tax returns service
Rental income
Rent, bond retained and insurance payouts reported correctly.
Deductible expenses
Agent fees, rates, insurance, repairs and maintenance.
Loan interest
Interest apportioned correctly where a loan has mixed purposes.
Depreciation
Capital works and eligible assets, using a depreciation schedule.
Repairs vs improvements
Separating immediately deductible repairs from capital costs.
Cost-base records
Tracking capital costs that reduce capital gains tax on sale.
Good to Know
Key things to know
- 01
Repairs versus improvements
Repairs that restore something to its original condition are generally deductible straight away. Improvements, and repairs to defects that existed when you bought the property, are capital and are claimed over time.
- 02
Second-hand assets
For residential properties acquired after 9 May 2017, you generally can't claim depreciation on previously used plant and equipment (such as existing appliances) unless an exception applies.
- 03
Private use
If the property is used by you or your family, or isn't genuinely available for rent, deductions must be reduced to reflect the private use.
- General information only, current at the time of writing. Rules change — please confirm how they apply to you.
FAQs
Common questions
General information only. Your circumstances may differ — contact us for advice specific to you.
Do I need a depreciation schedule?
For many properties, a schedule from a qualified quantity surveyor helps you claim capital works and eligible assets accurately. Whether it's worthwhile depends on the age and type of property.
How are rental income and expenses split between owners?
For joint owners, income and expenses are generally split according to legal ownership — for example, 50/50 for joint tenants — regardless of who pays the bills.
Is land tax deductible?
Land tax paid on a rental property is generally deductible. In Victoria land tax is administered by the State Revenue Office.
Enquire
Ask about rental property tax returns
Tell us briefly what you need. We'll reply to arrange a time to talk and confirm the fee before any work begins.