Preparing for Tax Time
It’s been an incredibly trying time, and we all had a little bit of cabin fever! Although we’ve been really lucky in W.A. to still be able to get outdoors for some fresh air and to exercise, take a stroll along the beach, we definitely welcome & embrace the easing of restrictions.
Everyone has been impacted by COVID-19 and the changes it has made on the world. It’s important to remember that we are in these challenging times together. At The Property Exchange we have continually made changes to adapt to the restrictions to protect our staff and our clients. The role of a great agent is the ability to guide you through these unprecedented times. As always, we continue to keep our clients informed every step of the way with an open line of communication, and are doing all we can to facilitate between landlords and tenants. It has been business as usual, however in an unusual way!
It has been really refreshing seeing our local community come together, neighbours offering to help one another out with groceries and supplies. We’ve loved seeing all the rainbows drawn on street paths, teddy bears in windows and book exchange, stronger than ever! We are so proud to be a part of this community. We feel it goes without saying, we are here for you and if you need anything, we’ll make sure, it just gets done!
Enough about COVID-19, mid-year is near!
Preparing for Tax Time
With 30 June quickly approaching, now is the time to be attending to any repairs and upkeep at your property, to ensure you get your tax deductions.
As your managing agent we are here to assist you, if you’ve opted on your management authority, we will automatically provide you with an End of Financial Year summary statement for your property/s outlining all income and expenses.
Now more than ever is the time for investment property owners to start claiming depreciation on their properties. Depreciation is often the second biggest tax deduction available on an investment property after interest. Review this link for some great depreciation deduction scenarios.
Asset Reports provides free estimates so investors know upfront the potential deductions available to them. The cost of obtaining a Depreciation Schedule is also fully deductible, and the report will last for the life of the property. Alternately there are bigger companies such as DEPPRO and BMT who offer depreciation reports.
If you would like a free estimate on your property, please contact us and we can arrange an obligation free estimate through any of these companies for you.
BELOW! Check out Kaylee our Head of Department chatting with Cameron from Lawrence Group and Alan from BMT for more info on how your property can make you more money this tax time!
What is Tax Depreciation
Accounting Tips For Your Investment Property