Happy new financial year from the team at Call2View!
If you’ve been lazy throughout the past
12 months, it's now time to gather your documents (shoe boxes don't count) for
your accountant to lodge your tax return.
Being on the ball and up to date with your property investment taxes could mean the difference between a profitable and a not-so-admirable tax return.
So, whether you’re a new or experienced property investor, be sure to read our tips to help you squeeze every last cent from your investment property.
1. Understand what you can claim
Understanding what is and isn’t deductible for your investment property will make a big difference in the amount you end up claiming. This is the simplest way to maximise your tax refund, so be sure to consider:
- Bank fees - Borrowing costs
- Insurances - Interest on loans
- Agent statements - Land tax
- Council and water rates - Strata levies
- Repairs and maintenance - Depreciation
- Renovations - Travel expenses
2. Get it right the first time for a new investment property
Save yourself a tremendous amount of time and money by ensuring that you get your deductions right the first time with a new investment property. Make sure you give your accountant:
- Your purchase settlement statement
- Your loan offer document
- A copy of the depreciation schedule
3. Don’t be afraid to ask questions
Even the most experienced property investors will still have questions about their investment property when it comes to tax time. Don’t be afraid to ask your accountant what they are doing and why. They’re there to help you understand the tax implications of your investments. By asking this year, you’ll know better for next year when it comes to keeping particular documentation.
This advice should be used as a guide only. You should consult your accountant in regards to tax deductions that directly apply to your investment property.
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