Investment property owners in NSW

Here are a few reminders and particular expenses to be aware of for your investment property:

• If you have recently purchased a property, ensure your Quantity Surveyor report has been prepared to claim your 2.5% building allowance deduction. This applies to new construction and renovations after construction. It also includes these costs prior to your current ownership of the property

• NSW land tax free threshold is now $1,075,000 land value

• There is no deduction for repairs completed on the property in the first 12 months if it is related to a condition of the property at the time of purchase

• Repairs to parts of an item are deductible, whereas repairs to the whole of an item may be an improvement, particularly by using a more durable material.

For Investment Property advice, please contact your Bongiorno Financial Adviser.