Rental property deductions
CoggerGurry • June 1, 2023
As we come to the end of the financial year it is good to start collating documents relating to rental properties as your record-keeping will significantly impact on the deductions that can be claimed.
Talk with us about the record-keeping requirements if you are unsure and keep records of the following:
- Bank Statements & Loan Documents showing the interest charged on money you borrowed for the rental property.
- Land Tax Assessments
- Documents or receipts that show the amounts you pay for
- Advertising (including efforts to rent out the property)
- Bank charges
- Council rates
- Gardening
- Property agent fees
- Repairs or maintenance
- Purchase of depreciating assets used at the rental property.
- If any capital works take place, such as structural improvements, then any documents along with before and after photos for works completed.
- Documents or a diary that show periods of personal use by you or your friends.
- When you sell a property
- Contract of sale
- Conveyancing documents
- Sale of property fees.

This year, the ATO is particularly focused on interest expenses and ensuring rental property owners understand how to correctly apportion loan interest expenses where part of the loan was used for private purposes (or the loan was refinanced with some private purpose).

Please note that Xero has recently made changes to their subscription plans with the major change of added Payroll and Superannuation functionality to their Ignite and Grow plans. As we are at the start of a new financial year this may be an appropriate time for you to review your business’s subscription level to ensure you are on the most suited plan for your business needs. If you have any questions, feel free to contact us to discuss your software needs. 03)5571 0111

If you have paid wages to employees in the 2025 financial year you will need to make a finalisation declaration by 14 July 2025 to ensure your employees can access their finalised information to complete their tax return. When you have reported and finalised your employees' information through STP, you are exempt from: providing payment summaries to your employees lodging a payment summary annual report. For payments to your employees that were not reported through STP, you still need to: give a payment summary to your employees provide the ATO with a payment summary annual report for these payment summaries. For small employers (19 or fewer employees) who only have closely held payees, the due date for end-of-year STP finalisation is the payee's tax return due date. If you would like to know more, you can visit Here

At CoggerGurry, we understand that every business is unique, with its own set of challenges and aspirations. Our Business Advisory services are designed to provide personalised, strategic support that aligns with your goals and helps you move confidently toward long-term success. We offer practical support in: Strategic Planning & Business Structuring – We help you set a clear direction for growth and resilience. Succession & Estate Planning – Guiding you through securing the future of your business and family wealth. Financial Analysis & Forecasting – Making sense of your numbers to inform smarter decisions. Cash Flow Management – Developing strategies to improve your cash position and future planning. Quarterly Business Reviews – Keeping you accountable and on track throughout the year. Now is a great time to take stock and set your business up for the new financial year. Whether you're looking to grow, manage risk, improve profitability, or plan for succession, our advisory services can help you get clarity and take action with confidence. Our approach is collaborative and long-term – we become part of your team. Based in Hamilton, Victoria, we bring regional knowledge, genuine relationships, and deep commercial expertise to help you and your business thrive. To learn more or book a confidential discussion, get in touch with our team. 03)5571 0111