How to maximise your investment properties tax deductions this end of financial year

It’s that time of year again where we are starting to shift our focus towards tax. Here are 3 tips to Maximise Your Investment Properties Tax Deductions This EOFY.

 

Be Prepared 

No doubt every accountant has clients who dutifully deliver a shoe box full or receipts and invoices come June 30 every year! But what have they missed?

Make sure you have a clear record of every single expense for your property by utilizing your agent! At DiJONES we can provide Landlords with an EOFY statement detailing all income and expenditure for the year. This saves your accountant time in preparation, which in turn saves you money and it means no expenditure is ever missed!

If you are paying your own water rates, council rates, strata or insurance premiums direct, speak to your Investment Manager about having these redirected to your agent and paid on your behalf. This will mean they are all recorded on your EOFY statement starting next year – no more shoeboxes!

 

Plan Ahead

Are there any repairs and maintenance you’ve been saving up for a rainy day?

You may want to do them now and claim the deduction in this financial year. Speak to your accountant for advice and then contact your DiJONES Investment Manager; you have a small window left but may still be able to complete some of these by June 30.

 

Be Proactive

You could be missing out on thousands of dollars by not taking advantage of property depreciation.

Engage a Quantity Surveyor to prepare a comprehensive depreciation schedule for your property. They understand the current tax laws and can find any depreciation available in your building as well as plant and equipment.

BMT Tax Depreciation offer a special rate for DiJONES clients, and there is zero financial risk as BMT offer a fee guarantee. They guarantee to find twice their fee in deductions or they won’t charge. Speak to your dedicated DiJONES Investment Manager to arrange this on your behalf.

If you’d like to know more about BMT Tax depreciation services visit their website https://www.bmtqs.com.au/

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