There are key areas when preparing your tax return, and having an understanding of your tax obligations, and knowing what are legitimate deductions will help you avoid some common errors. The most common errors we see are in relation to:
- Apportioning expenses and income for co-owned properties
- Making sure the property is genuinely available for rent
- Getting initial repairs and capital improvements categorised correctly
- Claiming borrowing expenses over the correct period of time
- Claiming the purchase capital costs components as an expense.
- Claiming the interest on your loan and issues with the refinancing of loans
- Contact Blackburn Accounting, we are professional accounting and taxation experts. We can help you get the best results for your investment.
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