Most investment property owners are aware that they can claim a tax deduction for a number of items in relation to the purchase and ongoing maintenance and upkeep of their investment. However, it is highly likely that only a small percentage of investment property owners are actually claiming the maximum amount that they are eligible for, the rest of the bunch are left lining the tax man's pockets simply because they do not know that they are missing out on claiming a range of expenses.
The most commonly known rental expenses that can be claimed include repairs and maintenance, rates, strata and management fees and interest on any loans taken out to purchase the property. What is perhaps not so widely known is that you, as the owners, can usually also claim travel costs in relation to your rental properties.
Travel costs are incurred by the property owner when they travel to inspect or maintain a rental property. As with most tax deductions, when it comes to travel expenses, there are some instances where you are able to claim the full amount of the expense, some where the cost must be apportioned and in some cases you may not be able to claim anything at all.
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