Sell with Confidence
Read More

Tax Tips for Property Investors

By Property Management

As another financial year comes to a close, you’re probably getting everything in order to lodge your tax return. Here are our top tips for property investors preparing for end of financial year.

Know what you can claim

Understanding what is deductible and keeping a clear record of these expenses can make tax time much simpler. For investment properties consider the following:

  • Council and water rates
  • Strata levies
  • Insurances
  • Bank fees
  • Property management statements
  • Repairs and maintenance
  • Interest on investment loans
  • Travel expenses
  • Renovations or improvements you have made to the property
  • Land tax

Some of these items might not eligible for an outright tax deduction but may be depreciated over a period of time. It’s important to speak with your accountant for guidance.

Be organised

If your accountant provides you with a checklist, complete it and provide the documentation that they request in an organised way – don’t hand over a shoebox filled with receipts. If you don’t have a checklist to work to, you might like to put together a spreadsheet summary and have your documents sorted into categories. That way, if you need to access a particular document you can find it easily.

Ask Questions

Don’t be afraid to ask your accountant what they are doing and why – it will help you understand the tax implications of your investments. If you understand why your accountant needs particular things to complete your tax return, you’ll save time in preparing for the next financial year.

Check your tax return

Take the time to read through and check your tax return before signing it.

Reference: Loan Market, Catherine Blake June 2016.

Up to Date

Latest News

  • Important Updates to Queensland Rental Legislation

    You may have heard, there are new rental laws for Queensland that have been passed under residential tenancy legislation (RTRA Act). The rental law reforms were passed by Queensland Parliament and will commence in two stages. There are some laws that commenced upon assent on 6 June 2024 and others … Read more

    Read Full Post

  • Gavel came down hard on Sunshine Coast

    Ray White Maroochydore’s inaugural auction event held at The Altitude Nine Function Centre marked a significant achievement in the local real estate market, drawing an impressive gathering of more than 150 people plus almost 400 online market watchers. Demonstrating the strength of the property market, the event booked an outstanding … Read more

    Read Full Post