Deductions on investment properties can result in significant tax refunds, particularly when the rental income is relatively low. To qualify for these deductions, the property must be either rented out or genuinely offered for rent during the fiscal year you’re claiming for. It’s important to note that if the property begins to be used for personal reasons, you can no longer claim deductions for interest expenses incurred from the time it’s used privately.
Note: This information is for general guidance only and may not suit your individual circumstances. Please consult a qualified professional before taking action.
