Expense Records

Investment property expenses

If you have an investment property, to maximize your deductions you’ll need:

• A Tax Depreciation Schedule. Depreciation can be a huge deduction..
• Interest payments. Your lender should send you a statement at the end of June.
• Management fees. Again, if you have a property manager they will send you a statement. This statement will list leasing fees, advertising expenses, repairs arranged by them etc.
• Self managed properties. If you manage your own property, you should have records of costs to do this – lease packs, stationary, travel costs to collect rent etc.
• Seminars. The cost of attending seminars related to the management of properties would be deductible. If the seminar also covers the acquisition of properties, only a proportion of it would be deductible.

Share Trading Expenses

There are fewer people these days claiming to trade shares as a business. The guidelines on what level of activity constitutes trading as a business are fairly clear.

If you think you may qualify, please call. Deductions may include:

• Data costs. Your data vendor will provide a receipt
• Education. Seminars, courses etc
• Home office expenses. Include trading software
• Brokerage. Your broker should provide a summary
• Trading losses.

Work related expenditure

• Motor vehicle
• Travel
• Specialist tools
• Self education
• Clothing
• Subscriptions
• Publications that relate to your income producing activities
• These may be relevant to your occupation or investing activities

Other Deductions

• Donations
• Personal superannuation contributions