basic dedutions against rental income

[cal_01]

Hello there,

I am considering renting out my home for the next nine or so months (as have been offered a university place interstate). I am trying to roughly work out what expenses I will be able to deduct against the taxable income from rental.

some example expenses:
body corporate fees (usually about $1200 per annum)
capital improvements
local council rates
interest on servicing the outstanding mortgage debt
cost of travel back to Melbourne for the 2009 body corporate AGM

I am wondering could you please point me to fact sheets available on this, or a section in the master tax guide, or something akin?

With thanks,

Callum Cheyne

 

[Propertunity]

some example expenses:
body corporate fees (usually about $1200 per annum)

Yes

capital improvements

No!

local council rates

Yes

interest on servicing the outstanding mortgage debt

Yes

cost of travel back to Melbourne for the 2009 body corporate AGM

Yes, so long as that is all you come back for - otherwise pro-rata costs.


Hi Callum Cheyne,

Add to your list:
Repairs and maintenance
Property Management fees
Depreciation costs - get a QS report done
Cost of a QS report
Advertising for a tenant
Lease drawing-up fees
Bank charges related to IP - rent in & payments out
Water availability charges (if applicable)

There are a few more mentioned on the ATO web-site here:
http://www.ato.gov.au/individuals/content.asp?doc=/content/21546.htm&page=2&H2

Regards,