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Preparing For Tax Time

 In Property Management

Are all your investment accounts, receipts and invoices organised and ready for your accountant?

The end of the financial year can be stressful for some, so to assist you in preparing for tax time and not forgetting any tax deductions we have taken the time to outline an overview of what can be claimed:
Remember you need the documentation to support your claims.

      • Advertising for a tenant
      • Bank charges
      • Body corporate fees
      • Borrowing expenses
      • Capital works
      • Cleaning
      • Commission, management and let fees
      • Depreciation
      • Insurance
      • Interest
      • Land tax
      • Lawns and gardens
      • Legal fees
      • Office supplies
      • Pool maintenance
      • Phone
      • Pest Control
      • Rates
      • Repairs/maintenance
      • Travel to the property to inspect or maintain
      • Water charges

* This is a summary of important items that can be claimed and is not a full comprehensive list.

BEWARE

The Australian Taxation Office is increasingly using data matching to check on claims made by taxpayers.

PRE-PAYING EXPENSES

If you have a negatively geared investment it may be worth considering pre-paying next year’s interest or other expenses such as rates or levies to gain an immediate tax deduction.
As your managing agent we are here to assist you and can provide you with an End of Financial Year summary statement for your property/s outlining all income and expenses.

Download this guide from the ATO to find out what you can claim. There’s also a worksheet included to help work out your expenses and tax.

 

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