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Article sourced from The Real Estate Institute of Australia (REIA)

Rental properties are on the Australian Tax Office (ATO) radar screen, and many thousands of taxpayers with rental properties can expect to be contacted to explain and justify what they put in their tax return. If you have a rental property, here are some tax tips to consider.

1. Be able to justify your claim.
Make sure you have receipts to justify the deductions you are claiming, and can justify


the connection between the expense and deriving the rental income (eg it wasn't also for a private purpose).

2. Low cost depreciable assets.
> $300 or less. You generally get an immediate deduction for depreciable assets costing $300 or less. However if you purchased other items during the same tax year and
together they form part of a set or are substantially identical, and the combined cost is

    more than $300, then each item must be separately depreciated.
> Between $300 and $1,000. Depreciable assets costing between $300 and $1000 can (subject to certain conditions) be "pooled" and the total cost depreciated at 37.5%, which may be quite favourable compared to separately depreciating them.
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