What expenses can you claim on a rental property?

As a landlord, you can reduce your taxable income by claiming expenses incurred in generating rent. These include insurance, rates, repairs, and property management fees. Capital expenses that improve the property's value are not deductible.

The rules for interest deductibility are changing, with the government phasing it back in. The plan is for a 60% deduction in 2023/24, rising to 100% from 2025/26.

Given the complexity, consulting a professional accountant is strongly advised to ensure accurate tax returns.