What expenses can you claim on a rental property?

As a landlord, you can reduce your taxable income by claiming deductible expenses. These include costs like insurance, rates, repairs, maintenance, and fees for property managers and accountants.

A key change is the restoration of interest deductibility. The government plans a 60% deduction for the 2023/24 tax year, rising to 80% in 2024/25, and reaching 100% from 2025/26.

Due to the complexity of these rules, engaging a professional accountant is highly recommended to ensure compliance and accurate tax returns.