Australian Taxation Office figures show that before Covid hit in 2020, property investors recorded more than $12 billion of net rental losses annually.

Predictions are that figure will increase substantially this year on the back of ten consecutive interest rate rises which have pushed repayments for some investors up by 50%.

Analysts are urging property investors not to leave thousands of dollars they are entitled to on the table when it comes to lodging their annual tax returns.

Many immediate deductions are available including any repairs or maintenance done before June 30, while capital works needs to be depreciated over a period of time.

Landlord insurance is another cost which can be deducted immediately.

Those with plenty of cash to spare could consider paying a year’s interest in advance to bring the deduction forward to this year, while it’s a good idea to obtain a depreciation report from a quantity surveyor to ensure investors are claiming the full deductions they are entitled to.