19 Jun Tax Time, and Insurance Dos and Don’ts
The subject of insurance around tax time can be a complex one, especially if you have multiple investment properties and an office at home. Before we go any further, remember to seek your own advice based on personal circumstances. For goodness sake.
The Australian Tax Office makes things pretty clear on their website for those of us who own a house, live in it, and work elsewhere – no. You can’t claim just for the fun of it.
However, if you run a business from home, have an investment property and experience damages outside of what your insurance covers you may be able to claim. For example, if you have a home office that you run your business from, you may be able to claim a portion of your insurance.
If you own an investment property which you rent out, you may be able to claim your insurance as an expense, and of course there are a number of other potential tax benefits, including things not covered by your insurance.
If you have an investment property and it has been damaged, or you have been required to make repairs, you may be able to claim them as deductions. There is a long list of things you can and cannot claim for, but according to the ATO, things like guttering, painting and patching up walls due to wear and tear are all potentially claimable.
Don’t leave any money on the table this tax season, and if you would like to contact us to discuss your current circumstances, please email firstname.lastname@example.org.