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 applies)
- Property Management Fees (slash these by using RealRenta)
- Letting fees
- Tribunal expenses
- Postage, 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 and compliance certificates if developing
- Gardening
- Cleaning
- Pest control
- Building insurance
- Landlords Insurance
- Depreciation schedule
- Stationery and telephone costs
- Travelling costs if applicable
- Legal fees
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RealRenta is for Smart Investors, who realise that they are no longer bound to traditional property management and the associated high fees
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