Being informed and knowing what you’re eligible to claim can help make tax time a lot easier. While your accountant is there to guide you, it’s wise to do some preparation beforehand.

Here are a few common deductions you might be able to claim:

• Cleaning expenses (both internal and external)
• Advertising, accounting and bookkeeping fees
• Property management fees
• Council and water rates (if not paid by the tenant)
• Body corporate fees
• Insurance premiums
• TV and streaming services provided to tenants (e.g. Foxtel, Netflix)
• Lease preparation and registration costs
• Legal fees related to unpaid rent, property damage or breaches of agreement
• Borrowing expenses

This list serves as a general starting point. Be sure to speak with your accountant to confirm you’re claiming all eligible deductions and to help maximise your return on investment.