For our Rental Property clients to make the most of their tax deductible mileage claims you need to keep a record of your rental-related travel. A trip to Mitre 10 to buy a new smoke alarm, followed by a 20km round trip to your rental property to install it – it all adds up.
A simple hand written or spreadsheet log with dates and distances will do the trick. To help make this process a little easier we have some small log books that are available to clients for free.
When your rental property needs maintenance it’s commendable to mow the law or install the installation yourself, but it’s not really worth claiming on the theoretical cost of your work. If you do decide to pay yourself for the time you spend working on the rental property, you’ll also need to declare that as income, and be taxed on it accordingly – leaving you cash neutral but having increased your pile of paperwork.
Please contact us if you have any questions, requests or comments – we enjoy hearing from you and talking with us is always free!
