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
- Specialist tools
- Self education
- Publications that relate to your income producing activities
- These may be relevant to your occupation or investing activities
- Personal superannuation contributions
- PAYG payment summary amounts (old group certificates)
- Allowances, benefits, earnings, directors fees etc
- Lump sum and termination benefits, Including ETP Payment Summaries
- Centrelink or Veteran Affairs assistance, Tax statement
- Details of assets sold during the year e.g. shares, property. Include purchase and sale information including dates.
- Investment statements
- Include dividend slips, interest notification (including bank interest), trust distributions, partnership distributions.
- Foreign source income
- Include details of any foreign tax paid.
- Rental income details
- Include address of property, purchase date, date first rented
- Private health insurance tax statement
- Changes in dependents
- Income and deductions for dependents
- Net medical expenses is they exceed $2,000 in total
- Medicare levy exemption
- HECS accumulated debt
- Family tax benefit payments received.