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Property investor tips to claim tax deductions

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NOW that the end of the financial year is approaching, it is time for property investors to turn their attention to what they are able to claim as tax deductions.

Owning an investment property can provide tax breaks for landlords.

Owning an investment property can provide tax breaks for landlords.

Below are some of the common expenses that are claimed, but for more information see ato.gov.au

Bank fees

Bank fees and charges can vary widely but usually include monthly account keeping fees, an annual fee if you have a professional package and overdrawn charges. These fees are a tax deductible expense if the account is used for the purpose of investment property.

Advertising

This includes print advertising such as newspapers, signs or through the internet for new tenants.

Management fees

Costs associated with using the services of a property manager and legal costs are claimable.

The legal costs associated with residential property are usually not major because most states have a tribunal that deals with these matters at a minimum cost and without the need for lawyers. However, commercial property disputes can be very different.

Property maintenance

This includes lawn mowing, gardening, pest control and repair and maintenance expenses. It can also include cleaning costs such as cleaning products or for hiring a professional cleaner.

Travel expenses

Costs incurred as a result of travelling to and from the investment property to inspect, maintain or collect rent can be tax-deductible.

However, to claim these expenses, the property has to be the main purpose of your trip.

For example, if you have an investment property on the Gold Coast and you travel there to inspect the property but stay a week, you cannot claim the full week’s expenses and 100 per cent of the travel costs.

You will be able to claim only a portion of the expenses as you spent only a portion of time dealing with the investment property.

Insurance

The tenant should insure their personal belongings, but the landlord needs insurance for things such as public liability, the building and contents. Some landlords also opt for landlords’ insurance to cover items such as rental loss or default.

Interest

This will be the biggest expense for most property investors. Check your loan statements and other bank documents that are related to the payment of interest on your loan.

If you have a principal and interest loan, only the interest is tax-deductible, not the principal.

To claim these expenses, keep accurate and reliable records including dates, amounts and receipts. This can be annoying at times — but the potential savings at tax time are worth it.

Source:Herald Sun

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Infrastructure

Moreton Bay Rail Line shared pedestrian & cycle path

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The State Government has been called upon to open a sharedMoreton Investor pedestrian and cycle path to make-up for the major signalling delays on the new Moreton Bay Rail Line.

“We are hoping they will open the shared pathway so the people can … use something that should already be open,” Mango Hill Progress Assoc President Laurence Christie said.

“It would go some way to relieving the disappointment,” he said.

A spokeswoman for Transport Minister Stirling Hinchliffe said: “The minister has ­requested the Department of Transport and Main Roads investigate opportunities to open the bikeway in advance of the rail line opening.”

Residents in Mango Hill, and North Lakes said they wanted to use the pathway to cycle to Petrie Station and to access the schools on the line.

 

Original article published at www.couriermail.com.au by Jamie-Leigh Mason, North Lakes Times 4/6/16

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Local Issues

Brisbane’s new state-of-the-art private cancer centre

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Northlakes, north of Brisbane is now home to Australia’s first private integrated cancer centre

 

moreton investorThe Icon Integrated Cancer Centre combines a 15-chair day hospital, two radiation therapy units and an on-site pharmacy.

The doors were opened to the centre at North Lakes, between Brisbane’s CBD and the Sunshine Coast, yesterday.

All treatments, including haematological, chemotherapy, radiation or a combination, are delivered on the site.

Icon Group chief executive Mark Middleton said the centre had the capacity to deliver treatments to 15,000 patients per year.

“From the start, the patient and their needs are first,” he said.

“The integrated centre approach means we are working as one team, supporting the patient and the result is a comprehensive service delivered by familiar faces who understand the individual needs of their patients.”

North Lakes is the first of three integrated centres operated by the Icon Group, a private specialised cancer care organisation.

The group plans to open another in Melbourne in mid-June 2017 and a third in Canberra, expected to open in late 2017.

 

Original article published at  www.couriermail.com.au  by Amelia Broadstock, North Lakes Times 27/5/16

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Local Issues

North Lakes and Mango Hill Police Station has its first female acting officer-in-charge

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NORTH Lakes/Mango Hill Police Station has its first ­female police officer leading the station, since it opened in 2009.

Senior Sergeant Kate Pausina joined the North Lakes crew last week as acting officer-in-charge after an ­impressive resume in the blue uniform.

Since she was sworn in to the service in 1999, Sen-Sgt Pausina has spent time in juvenile justice, child sex ­offences, Coroner’s Office, intelligence and strategy, road safety and, most recently, acting officer-in-charge at Albany Creek Police Station.

“I always wanted to join the police, but my mum wouldn’t let me,” Sen-Sgt said. “So, instead, I studied nursing and was a registered nurse for four years before I decided to do what I really wanted to.”

Sen-Sgt Pausina said her mum was unhappy at first but had since become her biggest ­supporter, along with her police officer husband and their two children.

Sen-Sgt Pausina last year completed her Masters of ­Suicidology – the prevention of suicide.

“That is something I am ­really passionate about,” she said.

“In the Coroner’s ­Office, you see the number of suicides is three times the number of road fatalities. And it is a preventable death.”

Sen-Sgt Pausina said she fondly remembered her first stint at the Pine ­Rivers Police District. She was based at ­Petrie from 2000 to 2003, and ­visited Mango Hill. “Mango Hill was just that – bushland and mango trees,” she said.

“There is a lot coming up in this area – major ­shopping developments, major infrastructure like the rail and, with that, a lot more people visiting the area.”

 

Originally Published On: http://www.couriermail.com.au/

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