Taxpayers should remember that they can only claim deductions for holiday home expenses to the extent they are incurred for the purpose of gaining or producing rental income.
They need to consider the following in determining whether the deductions they wish to claim are valid rental deductions:
If you need any further information regarding rental property deductions, please get in touch with us for assistance. We can help with your all your rental property, business, bookkeeping, tax and SMSF requirements.
Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation.
Phone: 07 3289 1700
Email: reception@RGAaccounting.com.au
Office Location: 2/32 Main Street, Samford QLD 4520
Postal Address: PO Box 35, Samford QLD 4520
Liability Limited by a scheme approved under Professional Standards Legislation.