A friendly reminder, the end of financial year is fast approaching! It’s tax time again for property investors and in order to maximise your return, it’s a good idea to get ready now.
What can you do to prepare for tax time?
Hare are 4 simple steps
- Consult your accountant now to get familiar with the rules regarding property investment tax deductions. If you don’t have a good tax accountant, chat to us and we can refer you to one. The ATO is also a great source of info for property owners -> www.ato.gov.au.
- Maximise the depreciation that you can claim on your investment property. A Depreciation Schedule can be prepared by a qualified Quantity Surveyor. Fixtures and Fittings are often missed, and in the case of multi-dwelling investment properties such as a unit or townhouse, assets that are common ground are not typically depreciated by an accountant without a Depreciation Schedule on the property.
- Maximise your tax deductions for this financial year if you have an Investment Property mortgage. There are Investment Loan options in the market where you can pay all the interest that is payable to the lender for the next financial year in advance, and receive the benefit of doing so this financial year. If you would like more information on Interest in Advance Investment Loans, please feel free to contact us.
- If there is any maintenance work to be done on your investment property, do it now as you may be able to claim these expenses in your tax return this year.