Being tax-smart when you invest in Australian property takes more than making the right property choices
If you use your property to earn income at any time, you will have entitlements and tax obligations.
Keep proof of your income-related expenses from the beginning to ensure you can claim everything you're entitled to.
Remember to keep your building costs separate to the decline in value of any depreciating assets. By doing so, you can claim your deductions correctly and work out your capital gain accurately when you sell the property.
You can also set up an asset register. It's easy to do and once you've entered your information into your register, you may be able to throw away those old records you've been keeping.