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End of Financial Year

End of Financial Year - Piggy Bank

With the End of Financial Year coming up, if you have a rental property, you could be missing out on savings.

Capital works deductions are available to residential properties built after 17th July 1985 on the following expenses:

  • building construction costs
  • the cost of altering a building
  • the cost of capital improvements to the surrounding property

If you own a rental property you may be able to claim a deduction for the construction cost of:

  • buildings
  • extensions, such as a garage or patio
  • alterations, such as adding an internal wall, kitchen renovations or bathroom makeovers
  • structural improvements – such as a gazebo, carport, sealed driveway, retaining wall or fence

Find out more on claiming Capital Works Deductions from the Australian Taxation Office.

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