Property investors are no different, except that many are able to claim more items than the average person, meaning tax time can become a jumble of receipts and records.

Items that most property investors can claim at tax time include interest, accounting fees, body corporate fees, borrowing expenses, repairs, maintenance, management fees, insurance, legal fees, mortgage insurance, travel, rates and property depreciation.

Bradley Beer, director of BMT Tax Depreciation, warns depreciation is the most commonly missed deduction.

"Mostly because it is a non-cash deduction - the property owner does not need to spend money to claim it, however, it can still be claimed every year," Mr Beer said. "The Australian Taxation Office allows property investors to claim a deduction relating to wear and tear on the building and its fixtures and fittings.

"Depreciation essentially reduces the tax you pay as an investor, putting more money back in your pocket."

The depreciation potential of an individual building will differ greatly depending on its age, use and original construction cost, Mr Beer said.

"The maximisation of a depreciation claim on any building requires a unique combination of construction costing skills and experience combined with an intimate knowledge of the Income Tax Assessment Act 1997," he said.

"When a property owner has not been claiming depreciation deductions, previous financial years' tax returns can be amended."