MARK CHAPMAN TAX TIP: Claim deductions on rental property
Money Magazine Australia|December/January 2023
If you have a rental property in need of some care, you may be able to claim a tax deduction. Repairs are tax deductible in the year you incur the expense, provided the property earns rental income.
MARK CHAPMAN TAX TIP: Claim deductions on rental property

According to the Australian Taxation Office, to repair something means to remedy or make good defects in, damage to, or deterioration of, the property. A repair merely replaces a part of something or corrects an existing worn out part. Also, the work restores the efficiency of function of the property without changing its character.

Examples of a repair include: replacing broken windows

This story is from the December/January 2023 edition of Money Magazine Australia.

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This story is from the December/January 2023 edition of Money Magazine Australia.

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