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03/05/2012

claiming repairs and maintenance expenses on rental properties

03/05/2012
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Repairs are defined as ‘work to make good or remedy defects in, damage to or deterioration of the property’. Some examples of this include: replacing part of a fence damaged by a falling tree branch or replacing part of the guttering or windows that have been damaged in a storm.

Maintenance is defined as work to prevent deterioration or fix existing deterioration. Some examples of this include: painting a rental property or maintaining plumbing.

Deductions can be claimed for the costs you pay to repair and maintain the rental property in the year you pay them.

You cannot claim the total costs of repairs and maintenance in the year that you paid them if they did not relate directly to wear and tear or other damage that occurred whilst renting out your property. These are capital expenses that may be able to be claimed over a number of years as capital works deductions or deductions for decline in value.

For further information please call our property management team or visit the Austrilian Taxation Office website

Repairs are defined as ‘work to make good or remedy defects in, damage to or deterioration of the property’. Some examples of this include: replacing part of a fence damaged by a falling tree branch or replacing part of the guttering or windows that have been damaged in a storm.

Maintenance is defined as work to prevent deterioration or fix existing deterioration. Some examples of this include: painting a rental property or maintaining plumbing.

Deductions can be claimed for the costs you pay to repair and maintain the rental property in the year you pay them.

You cannot claim the total costs of repairs and maintenance in the year that you paid them if they did not relate directly to wear and tear or other damage that occurred whilst renting out your property. These are capital expenses that may be able to be claimed over a number of years as capital works deductions or deductions for decline in value.

Established in 1950 by the late Geoff Fitzpatrick. We strive for excellence in our field, we aim to provide the best real estate service to the people of Wagga Wagga, embracing the highest standards of expertise, professionalism and integrity.