It’s that time of year again! With the end of financial year (EOFY) fast approaching, Adelaide real estate owners need to start preparing to maximise their tax benefits. Don’t panic, we’re here to help. We’ve gathered some expert tips to guide you through the process and ensure a smooth tax lodgement with the ATO. Whether you’re a seasoned investor or just starting out, we’ve got you covered. Let’s make it happen this EOFY!
Review your financial records
The first step to preparing for EOFY is to review your financial records for the past financial year. This includes all the income and expenses related to your investment property. You should have a record of all the rent you have received, as well as any expenses you have incurred, such as property management fees, repairs, maintenance, and insurance premiums. Make sure all your records are up-to-date and accurate.
Seek advice from a tax professional
If you’re unsure about your tax obligations or how to claim your deductions, it’s always a good idea to seek advice from a tax professional. They can help you identify all the deductions you are entitled to and ensure you are compliant with all the tax laws.
Claim all the deductions you are entitled to
There are many tax deductions that you may be entitled to as a property owner, such as property management fees, repairs, maintenance, insurance premiums, and depreciation. Make sure you are claiming all the deductions you are entitled to, as this can help reduce your taxable income and increase your tax refund.
Get your property inspected
EOFY is also a good time to get your property inspected. A building and pest inspection can help identify any issues that need to be addressed, such as repairs or maintenance. This can also help increase the value of your property and attract more tenants.
Schedule your property health check today and protect your investment for the future. Click here.
Consider making improvements
If you’re planning to make improvements to your property, EOFY is a good time to do it. This can include renovations or upgrades that can help increase the value of your property and attract more tenants. You may also be entitled to claim some of these expenses as tax deductions.
Review your insurance policies
Make sure your insurance policies are up-to-date and provide adequate coverage for your investment property. You should also review your policies to ensure you are not paying for any unnecessary coverage.
Plan for the next financial year
Finally, it’s important to plan for the next financial year. This includes setting goals, reviewing your investment strategy, and identifying areas for improvement. Consider seeking advice from a financial advisor to help you achieve your investment goals.
If you’re looking for expert advice and assistance in preparing for EOFY, contact Ouwens Casserly Real Estate today. Our team of experts is always ready to assist you with all your real estate needs.
