It’s almost that time of year again – tax time. In the lead up to June 30, right now is a great time to set a little extra time aside to ensure you have everything ready for end-of-financial-year.
You want owning an investment property to be very rewarding, particularly at tax time, which is why ensuring that all paperwork is up-to-date and accurate is essential.
It is important to keep records of all rental related income and expenses, whether you think they are claimable or not.
It’s likely you have been in touch with your accountant by now. If not, perhaps it is time to check and see exactly what you’ll need to provide them come end-of-financial-year.
it’s wise to touch base to ensure who can provide them with everything they need so nothing is missed.
According to the Australian Financial Review, this year the Tax Office is ramping up audits of taxpayers with rental deductions, after finding nine in 10 claims contained errors. While mistakes and errors are more often than not un-intentional, ensuring accurate records will reduce the likelihood of this happening.
If you own multiple investments, it’s important to understand the differences between types of property and what is claimable for each. If you co-own your investment property, understanding what type of ownership agreement is in place is vital when considering income and deductions to the property.
The last twelve months have gone by fast, so now is also a great time to review your property’s current circumstances. Understanding changes that your investment property experienced will serve as valuable insight when consider the future. What strategies have you implemented this past financial year? What went well and what not so well? What could you do differently this next twelve months?
Your property manager is here to support and assist to help make the process as stress free as possible. To ensure you’re claiming correctly and to maximise your return, it’s important to seek professional advice from a tax specialist or accountant.