Just a friendly reminder that the end of financial year (EOFY) is fast approaching! It will soon be tax-time again for property investors and in order to maximise your return, it could be a good idea to start getting ready now.
What can you do to prepare for tax time?
- We encourage you to 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 information for rental property owners, so read up at www.ato.gov.au.
- Next, if you haven’t already done so, check in with your Quantity Surveyor. In order to claim any depreciation tax deductions on your investment property, you’ll need a Depreciation Schedule prepared by a qualified Quantity Surveyor. They’ll do a thorough inspection to identify what can be claimed and to make the necessary valuations. This is the only way you can legitimately claim tax deductions for depreciation with the ATO.
- Plus, 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.
As always, if you have any investment property related questions – we are here to help! Why not chat to us about investing your tax rebate? Maybe you could use it to pay off some of your mortgage, or even get another investment property loan!
Happy tax time!