Minimise Costs by Claiming Expenses.

Minimise Costs by Claiming Expenses.

Vicki Hetherington News

Rising costs for landlords mean many property owners are looking for ways to minimise costs without passing additional expense onto their tenants, who are also riding out the Covid-19 storm. Claiming for expenses can help to increase your profits. If you have a rental property that is not used privately at all, you can minimise costs and increase your profits by claiming for expenses. The list below will help to outline some expenses you can claim for:

  • Repairs and maintenance, but not renovations that substantially improve the value of the property. This means most of our landlords will be able to minimise costs by claiming expenses incurred to meet the Healthy Homes Standards can be claimed as expenses.
  • Professional services fees like accountants, lawyers or Corporate Property Rentals!
  • Rates, insurance and mortgage repayment insurance.
  • Vehicle and travel expenses incurred when travelling to inspect your property or to carry out repairs.
  • Depreciation on capital expenses like whiteware, appliances or heat pumps.
  • Legal fees involved in buying a rental property, so long as the expense is $10,000 or less.
  • Check out the IRD web page for more tips and advice.

Not sure? Chat to your accountant and of course, feel free to call us at Corporate Property Rentals any time with questions.