If you have purchased an investment property this year, you will need to advise your accountant of the expenses associated with the purchase.
It is a good idea to provide your accountant with a copy of the contract of sale, so that they can make sure that no deductions have been overlooked.
Here is a checklist of all expenses associated with your investment property and will need to be included in your summary of expenses:
- Stamp duty
- Government fees (transfer, mortgage registration)
- Pest, building & strata inspections
- Conveyancing fees
- Bank checque fees
- Loan expenses
- Penalty interest (if applicable)
- Property management fees (slash these by using RealRenta)
- Letting fees
- Tribunal expenses
- Posting, handling & sundries
- Council rates
- Water rates
- Body corporate & strata levies
- Land tax
- Interest
- Annual & monthly loan fees
- Loan set up fees
- Application, valuation, settlement & documentation fees
- Lenders Mortgage Insurance if applicable
- Brokerage fees if applicable
- Repairs
- Renovations
- Construction costs
- Development Application/Architect fees if developing
- Surveys & compliance certificates if developing
- Gardening
- Cleaning
- Pest control
- Building insurance
- Landlords insurance
- Depreciation schedule
- Stationery & telephone costs
- Travelling costs if applicable
- Legal fees
RealRenta is disrupting the real estate industry with our self-management platform.
RealRenta is for smart investors who realise that they are no longer bound to traditional property management and the associated high fees.
Use RealRenta for free now for up to 2 months: https://app.realrenta.com/Signup.aspx
Marlene Liontis
Saturday, 15 June 2019
