May is good month for many reasons. For one, the weather is pretty spectacular across most parts of the country. Perfect for exploring, perfect for getting out in the garden and the perfect change from hot summer days to cool autumn mornings.
Another thing May is good for is starting to get ready for tax time.
Okay, so it may not be as enjoyable as getting out in the garden; but, with plenty of preparation, tax time might well turn out a somewhat rewarding experience.
It’s a chance to review the previous year and see what worked for you and your property/ies and where improvements for the next financial year could be made.
It’s a chance to review the value of your property and how you could make improvements in the years to come.
It may even be a time to reconsider the size of your property portfolio.
One thing to review, particularly considering recent devastating floods experienced along the east coast of Australia, is how your insurance stacks up. The floods in NSW have been particularly devastating, leaving tenants and homeowners displaced and with properties left un-liveable.
It’s an unavoidable situation, but ensuring your property is properly insured is one step you can take in positively protecting your asset.
Not all policies are the same. Take the time to review what your policy covers, particularly if there have been changes made to your property, such as renovations.
As suburbs and regions grow with the population, land values change – does this affect your insurance policy? Isn’t it worth checking?
Gaining the best professional advice for your circumstances will pay dividends come tax time, so ensure you do your research and engage the right accountant, business expert or financial team who have your best interests in mind.