Sell with Confidence
Read More
News

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

  • In this market, your patience is rewarded

    Opinion piece – Dan Sowden | Ray White Maroochydore Principal & Chief Auctioneer As they say, “Patience is a virtue” and there is no exception when it comes to selling your home. And while it’s no secret the current strength of the market means homes are selling faster than we … Read more

    Read Full Post

  • Interest from far and wide for unique Eerwah Vale property

    67 Mount Eerwah Road, Eerwah Vale Sold by Natalie Tink for $950,000 on 29 January 2021 When agent Natalie Tink listed the eclectic rural property at 67 Mount Eerwah Road, Eerwah Vale, she knew the interest would be high, what she didn’t realise was just how high and how … Read more

    Read Full Post