The ATO is checking this tax time (2019) rental property deductions





The ATO is checking this tax time (2019) rental property deductions

Is loan interest being claimed correctly?


If you took out a loan to purchase a rental property, you can claim interest (or a portion of the interest) as a deduction. However, if you use some of the loan money for personal use such as paying for living expenses, buying a boat or going on a holiday, you can’t claim the interest on that part of the loan. You can only claim the part of the interest that relates to the rental property.


If you would like to discuss about your rental property deductions, please feel free to contact us.


Thank you.

OzLedger team.


OzLedger

Accountants In Parramatta , New South Wales