10 tax tips specifically tailored for rental property owners:

• Keep Detailed Records: Maintain thorough records of all income and expenses related to your rental property, including rental income, repairs, maintenance, and property management fees.
• Claim Depreciation: Take advantage of depreciation deductions for the wear and tear of your rental property and its fixtures and fittings, maximising tax savings over time.
• Deduct Mortgage Interest: Deduct mortgage interest payments as an expense on your rental property, reducing taxable rental income and overall tax liability.
• Understand Negative Gearing: Familiarise yourself with negative gearing, where rental expenses exceed rental income, allowing you to offset the loss against other income to reduce tax payable.
• Claim Repairs and Maintenance: Deduct expenses for repairs and maintenance on your rental property, such as fixing leaks, repainting, or replacing worn-out fixtures.
• Utilise Travel Expenses: Claim deductions for travel expenses related to managing your rental property, including visits for inspections, maintenance, or meetings with tenants or property managers.
• Keep Personal and Rental Expenses Separate: Maintain separate bank accounts and financial records for personal and rental property expenses to simplify tax reporting and avoid confusion.
• Claim Insurance Premiums: Deduct insurance premiums paid for landlord insurance, building insurance, and public liability insurance as legitimate rental property expenses.
• Review Capital Gains Tax Implications: Consider the capital gains tax implications of selling your rental property and plan accordingly to minimise tax liabilities or take advantage of available concessions.
• Engage a Tax Professional: Seek advice from a qualified tax professional or accountant specialising in rental properties to ensure compliance with tax laws, maximise deductions, and optimise tax outcomes.