Katrina Parrington

Mortgage & Finance Broker, Elders Home Loans – Northern Territory – P. 8932 8900

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  • Elders Home Loans

  • Katrina Parrington

    I am a long term Centralian resident with more than 18 years experience in the financial services industry. Initially, in Real Estate in Adelaide before pursuing a career with Elders Insurance Alice Springs and lending roles with major banking institutions where I gained extensive experience in Home Loans and Commercial Lending here in the Alice and in Darwin.

    I have a unique set of skills that ensures I understand your lending needs and can provide you with professional advice and personal service.

    Tel: 08 8953 8800
    email: katrina.parrington@eldershomeloans.com.au

Posts Tagged ‘Tax Tips’

Property Investment – Tax Tips

Posted by Katrina Parrington on February 7, 2010

Here are some Tax Tips for your Investment Property…

Play it safe with the ATO and keep all personal, living and family expenses separate from your business and investment expenses.  This is especially important when it comes to home office expenses or travel expenses in relation to either business or investment. It is perfectly normal and therefore an acceptable area of deductions for investors, to travel to inspect their properties or to engage in other activities on the property directly related to the investment but the documentation must be accurate.  For example ensure that you make an appointment to meet with your Property Manager and log proof of the appoinment in your Diary and via email.

Tax experts advise that claiming depreciation is one of the easiest and most valuable ways to save money at tax time, and yet 80 percent of property investors don’t claim it! A Tax Depreciation Schedule is simply a report on all the items in an investment property that are decreasing in value.

They say too that you need to ensure to claim repairs on your property investment correctly. A repair is generally defined as ‘restoring something to a working condition’. Getting one of your broken hotplates on your stove fixed is grounds for a legitimate repair claim, however buying a brand new stove to replace the ‘tired and old’ looking one cannot be claimed as a repair.

Interest payments represent one of the largest single cost areas so it is not surprising that this is also an area where many investors make incorrect claims. It’s important you claim interest correctly on all of your investment related bank accounts. Make sure that you are not claiming a deduction for any interest on your personal loans.

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