Borrowing expenses is one of the biggest missed deductions for property investors so we've created a simple way to ensure you claim everything you're entitled to.
Once you've added your bank feeds you can add your borrowing expenses from the loan details tab in seconds. From there we will automatically calculate your borrowing expenses across 5 years from your loan start date and add borrowing expenses to the property depreciation page. Simple ;)
Steps to add borrowing expenses:
From Bank feeds select the loan account you want to add borrowing expenses to, then select the 'Loan Details' tab.
2. Then add your borrowing expenses into the fields and select 'Reset Loan'
That's it, you're all done.
If you head to the relevant property you will see the borrowing expenses have been added to the depreciation page for each financial year.
Better still, if you refinance the loan we will write off the remaining borrowing expenses in the current financial year to ensure nothing is missed!
