{"id":1509,"date":"2022-01-16T07:49:27","date_gmt":"2022-01-16T07:49:27","guid":{"rendered":"https:\/\/royabhishek.in\/urbanbuyer\/tax-and-record-keeping-tips-for-your-investment-property\/"},"modified":"2022-01-16T07:49:27","modified_gmt":"2022-01-16T07:49:27","slug":"tax-and-record-keeping-tips-for-your-investment-property","status":"publish","type":"post","link":"https:\/\/royabhishek.in\/urbanbuyer\/tax-and-record-keeping-tips-for-your-investment-property\/","title":{"rendered":"Tax and Record Keeping Tips for your Investment Property"},"content":{"rendered":"

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Please use the menu below to navigate to any article section:<\/p>\n<\/div>\n

Do you make the most out of your potential tax deductions?<\/strong><\/p>\n

Do you keep good records to substantiate your tax claims?<\/p>\n

Well you should because the ATO regularly\u00a0targets property investors, so it\u2019s important that you know what you can and cannot claim as a tax deduction.<\/p>\n

Of course, expenses incurred in earning income, such as running your investment properties can be claimed as a tax deduction, but they generally fall into 2 groups:<\/p>\n

1. Capital costs<\/span><\/h2>\n

An example is those associated with the purchase of the property.<\/p>\n

Now here\u2019s where some investors make a mistake \u2013 these costs are not deductible against the rent you receive<\/strong> or against your other income.<\/p>\n

\"property<\/h2>\n

They are added to the cost of the property so that when the property is sold it reduces your Capital Gains Tax<\/a>.<\/p>\n

The main ones are:<\/strong><\/p>\n