As per the thread title, is there a list anywhere of the types of typical expenses that could be claimed against tax on rental income incurred within one tax year?
I seem to vaguely recall that with certain types of expenditure on a property, they can only be offset over a number of years. Is that correct?
How are things like new furnishings, house painting or relatively minor home improvements treated?
I'm just renting my home out for a one year period and with that, I'm trying to be as tax efficient as possible (i.e. not Evade tax but to avoid/minimise taxes within the rules of the system that is in place). The rental income is pretty modest but given that mortgage payments can't be offset, I'd sooner stump up expenditure on the house instead of shelling it out in tax.
I seem to vaguely recall that with certain types of expenditure on a property, they can only be offset over a number of years. Is that correct?
How are things like new furnishings, house painting or relatively minor home improvements treated?
I'm just renting my home out for a one year period and with that, I'm trying to be as tax efficient as possible (i.e. not Evade tax but to avoid/minimise taxes within the rules of the system that is in place). The rental income is pretty modest but given that mortgage payments can't be offset, I'd sooner stump up expenditure on the house instead of shelling it out in tax.