If you haven’t already done so, now is the time to review your property investment documentation and records. Ensure that all of your financials are in order for this year’s tax submission so that you can maximise your tax return.
We make this process easier for you here at ‘home’ with the online Landlord portal that gives you immediate access to all of your rental statements, invoices and expenses that you have organised through us and our ‘home maintenance’ team.
It’s also a wise time to undertake any preventative repairs and maintenance to your investment property, not only to improve the amenity of the property but also to maximise the tax deductions that you can achieve this FY.
Have you invested in a tax depreciation schedule yet? It could save you thousands of dollars on your tax return this year and you can even claim missed dollars from two previous tax returns.
Last week I invited our current landlords to take advantage of a Tax Depreciation Schedule that one of our alliances is offering a special on this EOFY. Feel free to contact our Property Managers if you missed this and are interested in seeing how many dollars you can save with a Tax Depreciation Schedule.
This last quarter of the financial year 2016 is also a good time to review the insurances on your investment property. Important questions to consider are:
- Do your insurances provide adequate cover?
- Do they offer the full array of landlord protection insurance features?
Once again, your Property Manager can guide you in this area and assist you if you would like to arrange a quote.
By getting your paperwork in order now and doing some reviews as outlined above, you can save tax dollars for this financial year (and potentially previous ones) rather than leaving it until too late to claim for this year.
I think you would agree that dollars in ‘your hands’ now is better than waiting another 12 months!