Let’s Talk Tax Time

If you own an investment property, there’s a long list of things you can claim to reduce your tax bill. So here’s your simple, straight-talking checklist to make EOFY work in your favour.

It’s June, and that means one thing for every smart property investor: tax season. While most people scramble last minute, TMAP students play it smart, organised, and ahead of the game.

Top EOFY Deductions for All Property Investors

1. Interest Charges

The biggest claim you’ll make. You can deduct every dollar of interest paid on your investment loan. Grab your loan statements — that’s where the info lives.

2. Depreciation

This is the second biggest. A depreciation schedule lets you claim the value of wear and tear on your property and fittings.
✅ Tip: If you haven’t got a depreciation report yet, get one sorted ASAP — it’s worth it.

3. Council and Water Rates

Rates are claimable — just keep the notices. Better yet, have them sent to your property manager and paid out of rent.

4. Insurance

Your landlord insurance policy is tax deductible. Just keep a copy of the invoice.

5. Repairs and Maintenance

Did you fix a leaky tap or broken aircon? Keep those receipts — they’re deductible.

6. Property Management Fees

These are easy to track — your monthly statement shows income and expenses. Many agencies now offer online portals too.

Bonus Claims for Co-Living Properties

If you’re a TMAP student with a co-living setup, you’ve got extra wins come tax time:

1. Furniture

Fully furnished properties? Every couch, chair, and table is deductible. Keep all receipts.

2. Internet

Yep, the internet bill is a business expense. Direct it to your property manager and track it.

3. Power Bills

Big bills = big deductions. Don’t miss them.

4. Cleaning and Gardening

Regular services like cleaning and mowing can be claimed — usually they appear in your monthly statement, but double-check.

How to Keep It All Organised

Here’s the TMAP pro tip: sort it monthly, not yearly.

  • Set up a hard copy folder for physical bills and receipts.
  • Create a digital folder on your desktop for each property.
  • Each month, drop everything into the right folder — receipts, PDFs, statements, etc.
  • Come tax time? Just zip it and send it to your accountant. Done.

Final Word

Tax time doesn’t have to be stressful — if you do the work as you go.

And when you get your systems right, tax time turns into a pay day — your refund lands in your account, and the property starts paying you back.

So get organised. Make your claims. And keep building wealth the smart way.

Happy EOFY!