Tax time tips for property owners: understanding deductions and depreciation

Landlords, it's almost tax time. Do you know which expenses you can claim and how you should claim them?
Many landlords fail to make the most of their tax-deduction entitlements. So, we asked Stuart Waugh, a director at the Sydney-based financial advice and accountancy firm Altus Financial, to talk us through it all.
What deductions can landlords claim?
Rental expenses that you can claim as deductions come in two categories, Waugh says:
Expenses for which you can claim a deduction now (in the income year you incur the expense) — for example, interest on loans, landlord insurance, council rates, repairs and maintenance, and depreciating assets costing $300 or less.
Expenses for which you can claim a deduction over several years (or decades), including capital works (such as a new fence or driveway), borrowing expenses (such as lender's mortgage insurance), and the decline in value of depreciating assets (such as curtains and appliances).
'It is important to claim each expense under the correct expense type to make sure you treat it correctly for tax purposes,' Waugh says.
What's the difference between repairs and improvements?
Fixing something and improving your property are very different things in the taxman's eyes.

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News.com.au

3 hours ago

• News.com.au

You should delete yourself from the internet: here's how

If you feel like most of the calls you're getting at the moment are from 'The Visa MasterCard fraud department' or you're getting bombarded by texts from Clive Palmer 's lackeys, then your data has probably been bought and sold. Your name, mobile number, email address and possibly even home address are likely showing up on the databases of data brokers, available to the highest bidder or, worse, anyone who knows where to look. In the best case scenario, this data is being used to try and sell you stuff, in the worst case scenario, it's being combined with other data for identity theft. The good news is that you can take some of the control back and remove yourself from many of these databases. Turns out it's not even that complicated if you're willing to dedicate a little time or money to the problem. The only issue is that it's going to be a Sisyphean task. Dr Arash Shanghagi, a Senior Lecturer in Cyber Security at the University of New South Wales says that while this process can seem like a hassle, it's necessary. 'People opt out of data broker databases to protect their privacy and reduce risks like identity theft, fraud, or aggressive marketing. Brokers collect and sell personal details. This can include names, addresses, phone numbers, and even financial data. Often without consent,' he said. 'This exposure can make you a target. Here's a familiar example: 'Hi Alice, this is Sarah from your energy provider. We've noticed unusual usage at your home on 10 Sydney Street. To secure your account, can you confirm your billing details?' It sounds legitimate because they know your name and address. But it's a scam. That kind of info is often bought from data brokers and used to trick people into giving up payment info or login credentials. By removing yourself from these databases, you're not just cleaning up your digital footprint. You're reducing attack surface. The goal is to reclaim control and make it harder for bad actors to exploit personal data.' If you want to get a sense of what data of yours is out there, there's a free tool from Google called 'Results About You' which will periodically scan the internet to see if your name, email address, phone number and/or home address has shown up in any of the data bases or 'people search' websites it checks. If data is found, you can start the process to request its removal. It's a very simple, low stakes tool. A Google spokesperson told that Results About You is just one of the tools Google makes available so people can take control of their privacy: 'We provide people with a range of tools to help safeguard their online information and mitigate the risk of identity theft. Beyond robust security features like Security Checkup, My Activity offers valuable insight into online activity, enabling people to investigate suspicious activity on their account. Google also actively sends notifications if it detects suspicious activity on your account to help you prevent unauthorised access and secure your information. Additionally, our 'Results about you' tool allows for the removal of personal contact information from Search, further enhancing privacy.' When I tried the Results About You tool, nothing came up for me, even though I know my data is out there, judging purely on the amount of spam and prank calls I get. While those free Google tools are a good place to start, they don't cover the full breadth of what's out there. Dr Shanghagi also says that it's worth being weary of data protection and privacy tools released by a company whose primary business is selling data. 'I think a healthy dose of scepticism is justified. Google's core business is built on data-driven advertising, so when they offer a tool like 'Results About You,' it's worth noting what it actually does – and doesn't do. It only removes your personal info from Google search results, not from the original data broker sites. It is a very narrow offering from a company that thrives on data. Use it, sure. But don't mistake it for real protection. Always pair it with more comprehensive tools and be mindful of how much data you're handing over to Google and other online services.' Step two: Use premium services to go even further Services like DeleteMe, PrivacyBee, Mozilla Monitor and Optery are set up to scan the internet and, depending on what account tier you pick, delete all your data on your behalf. Lawrence Gentilello, CEO and Founder of Optery told that when it comes to the databases of data brokers, his company understands the stakes. 'The personal information collected by data brokers is compiled into extremely detailed profiles. The information in these profiles can be used against people in harmful ways. It's both a privacy issue and a security issue. Most people don't want their private details made available publicly or for sale. The scale and granularity of data collection is beyond what most people would even imagine, sometimes including tens of thousands of sub-attributes and inferences about a person's behaviour, which may or may not be accurate. There is a widespread pattern of data brokers failing to adequately vet their customers, some of whom are malicious actors. Millions of dollars have been stolen from vulnerable consumers using brokered data.' 'Data brokers get hacked, and when they do, the personal profiles they've compiled are often sold by cybercriminals on the dark web. Data broker profiles enable phishing attacks, voice and messaging scams, identity theft, and fraud. They also pose a physical danger by enabling doxing, stalking, harassment, and violence. And so personal data removal is important for both digital and physical security. People in high-profile or high-risk roles — such as executives, journalists, law enforcement, and judges — use personal data removal to prevent malicious actors from showing up at their homes.' The data that services like Optery uncover and delete goes deeper than just your name and addresses, but things like your real time location, your favourite order at that place you have a loyalty card with, political preference, mental health status, device usage, and religion. Gentilello told us 'This data is packaged and sold to marketers, political groups, law enforcement, private investigators, and virtually anyone through subscription-based platforms. The datasets include inferred characteristics, life events, spending habits, and real-time or historical geolocation data.' 'Some brokers openly advertise data on US government employees, military personnel, students, elderly Americans, and even people with Alzheimer's or cancer. This kind of profiling is used for targeted advertising, lead generation, and identity verification, but it can just as easily be used for scams, discrimination, or surveillance. Malicious actors can buy pre-packaged datasets to identify and exploit vulnerable populations. Companies may also use this data to make decisions about you — whether you qualify for a loan, get hired, or receive certain services — without you ever knowing it.' With Optery, you can sign up for free, get a report on what private data more than 645 websites have on you. You can then manually remove yourself from these databases for free, or you can subscribe to various tiers to have Optery opt out of these databases for you. Because most of these services are US-based, most of their targets are also American, but the local options appear to be limited and this is better than nothing. Step three: The nuclear option Fully deleting yourself from the entire internet is likely an impossible task, but if you want to keep going after deleting yourself from these data broker sites, there are a few things you can do: Delete your account from any social media websites you're a part of. Some will allow you to just scrub your account from the settings, while others will require you use third party tools to delete your posts, and then you have to contact the service directly to request they delete your account, this doesn't guarantee that the company won't keep their data on you, but it will usually mean it stops being public (though it won't delete it from any internet archives that may have archived). Delete your accounts in any apps that you've made accounts. This might also involve contacting the company to request your data is deleted. Then, once you've deleted the account, delete the app and all its data from your phone. Once you've deleted any public profiles or accounts of yourself from the original sites, if you want to go really scorched Earth, you can then contact The Internet Archive to delete any archives of your data by emailing info@ To then stay off the radar without completely withdrawing from society, you can use a few different tools when looking at buying devices or using apps. First, consult Mozilla's Privacy Not Included database to gauge the creepiness level of the device or service you're looking for to see if there's one whose policies you're comfortable with. Another great tool is the Terms of Service: Didn't Read website, which sums up terms of service documents so you can understand what you're agreeing to without wading through all the legalese. Alternative step three: the more alert but not alarmed option Dr Shanghagi also recommends the following habits as a middle ground if you don't want to delete yourself completely: • Use privacy-first tools: Browsers like Brave or Firefox, along with ad blockers, can cut down on invisible tracking and surveillance. • Use alias emails and phone numbers: Services like Firefox Relay or SimpleLogin let you mask your real contact info when signing up for things online. • Create a 'privacy-first' identity: For newsletters, online stores, or giveaways, use a separate email and minimal real info. Keep your primary identity for essentials only. • Be mindful on social media: Oversharing is a goldmine for data brokers. Share less, and when in doubt, leave it out. • Avoid 'Sign in with Google' or Facebook logins: They may save time, but they link your activity across platforms. This is not great for privacy. • Tighten your settings: Check your privacy settings regularly across social, email, and mobile accounts. Do not trust the defaults. • Use a VPN: It hides your IP address and encrypts your internet traffic. Very useful when on public Wi-Fi or travelling. • Opt out where you can: Unsubscribe from marketing lists and use opt-out tools or services to remove your info from broker databases. Be selective with online forms: Skip the optional fields. your birthdate or phone number often isn't necessary. The goal isn't to disappear. It's to be intentional. A little effort goes a long way in protecting your digital footprint.' Generally, if it's not something a company has to know to provide whatever service it is for require, you don't actually have to give them any real information. Have fun coming up with your alias, and make sure it's something you can remember, so your real identity stays safe. Another thing that came up repeatedly from the experts we spoke to, and the guides we read is to use privacy focused web browsers, like Firefox and Brave, and to make use of privacy focused extensions. Good luck out there.

News.com.au

9 hours ago

• News.com.au

Ray White data reveals house-unit price difference in 15 blue chip suburbs

The dream of living in a blue-chip suburb is still in reach for younger Australians if they're willing to trade in a house for a unit, fresh data from real estate titan Ray White has revealed. While house prices remain at astronomical levels across much of the country's prime real estate, the gap in price between houses and units is wide enough in a host of up-market suburbs to make unit living affordable for first-home buyers. In Melbourne's iconic Hawthorn South, characterised by its vast patchwork of cafes, restaurants, heritage-listed buildings and elegant park spaces, median house prices are at $2.48m, but units are priced at $560,368, a massive $1.92m difference in cost. In Sydney's Homebush, which sits adjacent to the iconic Sydney Markets and Bicentennial Park, houses are priced at $2.24m, while units are priced at $677,393, for a $1.56m gap. Brisbane's riverside Hamilton, adorned with swanky Queenslanders and opulent modernist structures, houses go for $2.26m while units are listed at $717,358. Ray White chief economist Nerida Conisbee told NewsWire apartments offered Australians in their 20s and 30s a chance to live in suburbs with 'better amenity' as houses move beyond reach. 'To get an apartment, you might be closer to good retail precincts, better public transport, closer to your work,' she said. 'Also potentially to family and friends. I think this is one of the challenges a lot of younger people have. 'They may have grown up in an area but when they are looking to buy now, it's really expensive, but in some areas, there are definitely apartments available at a much more affordable price.' Ms Conisbee added solving Australia's affordability crisis would entail a greater shift to apartment living, even as builders continue to pump out four-bedroom homes that exceed the size of many emerging families. 'Australia is very unusual globally in that we have incredibly low densities,' she said. 'If you have a look at every other major city and even much smaller cities, they do have very high levels of high densities. 'We can't provide affordable housing in areas that have incredible amenity if we stick to the big homes in the future.' Every major city shows savings of at least $500,000 with an apartment buy over a house. In Adelaide's Walkerville, a tree-lined inner-north suburb, houses sit at $1.6m, while units are going for $604,328, a saving of nearly a million dollars. In Perth's beachside Mosman Park, houses are priced at $2.51m, while units are priced at $551,561, a near $2m difference. In Darwin's Larrakeyah, houses are $1.45m while units are $440,907. In Canberra's Reid, houses are $2.19m, while units are $617,050. Queensland's glittery Gold Coast, however, shows a smaller gap between house and unit prices compared to other major cities. In Southport, houses are $1.05m, while units are $637,051, for a $410,669 gap. Regional cities in popular coastal locations also present substantial gaps between house and unit prices. In the Sunshine Coast's Buderim suburb, which borders the Maroochydore and Mooloolaba beaches north of Brisbane, houses are priced at $1.3m, while units are going for $732,921. In Port Douglas, a Coral Sea town in Queensland's far north that faces out to the Great Barrier Reef, houses are listed at $1.71m, while units are $490,372.

Mercury

11 hours ago

• Mercury

Barron Trump may have made millions from family's lucrative crypto firm: report

Don't miss out on the headlines from World. Followed categories will be added to My News. Barron Trump, the youngest son of the 47th President, may have raked in millions of dollars from the sale of crypto tokens linked to the family's lucrative venture into digital tokens, according to a report. The 19-year-old New York University student could have picked up a cool $40 million (AU$61 million) — $25 million (AU$38 million) after taxes — from the sale of digital assets by World Liberty Financial, the Trump family firm launched nine months ago after Barron persuaded his dad about the benefits of crypto, Forbes reported. 'Barron knows so much about this,' commander-in-chief said during an interview in September after the launch. 'Barron's a young guy, but he knows it — he talks about his wallet. He's got four wallets or something, and I'm saying, 'What is a wallet?'' Barron Trump may have raked in millions. Picture: ANGELA WEISS / AFP. World Liberty has been a financial bonanza for the family. In March, World Liberty announced that it had sold $550 million (AU$850 million) worth of tokens. An Office of Government Ethics filing released by President Trump last week declared he had made $57 million (AU$88 million) from token sales. It also said that the real estate mogul held a 75 per cent stake in his umbrella company, DT Marks Defi LLC, with unnamed 'third parties' holding the other 25 per cent. Barron Trump is listed as a 'co-founder' of World Liberty Financial alongside the president, as well as Eric and Donald Trump Jr, the president's two eldest sons. Forbes, which provided no direct evidence for its claims of Barron Trump's massive digital windfall, suggested that he owned a 7.5 per cent stake in the Delaware-based umbrella firm. The stake would mirror what the NYU freshman holds in the Trump Organization's Washington, DC hotel, Forbes said. The 19-year-old New York University student could have picked up a cool US$40 million. Picture: Jim WATSON / AFP. Barron Trump's name does not appear in the company's solitary SEC filing from October 30 last year. Also listed as business partners in the venture are Middle East envoy Steve Witkoff and his son, Zachary. An analysis by Bloomberg, the financial news outlet, estimates the president's net worth has doubled since the start of his 2024 campaign, standing at just over US$5.4 billion This article originally appeared on the New York Post and has been republished with permission Originally published as Barron Trump may have made millions from family's lucrative crypto firm: report