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Recent Buying Selling Lifestyle Real Estate News Investment First home buyer Land
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Tax Time Tips for Property Investors

16-Aug-2018
Tax time is now upon us. It is the opportunity to get a refund that funds your trip to Bail and it is also the time to set yourself up for the next financial year to ensure that you receive the highest return possible. We have put together a short list of our top tax tips and how to prepare for the coming financial year.


1) Understand exactly what you can claim
The best way to ensure that you receive the highest claim possible is to thoroughly understand what you can claim. With regard to investment properties make sure you have considered Council and Water Rates, Strata Levies, Insurances, Agent statements, Bank fees, Borrowing costs (eg. Mortgage insurance, application fees etc), Repairs and Maintenance, Interest on loans, Depreciation, Travel expenses, Renovations or improvements you have made to the property and land Tax.


2) Be organised
The next critical thing is to be organised. No accountant is ever happy to receive a shoe box full of your receipt for the last 12 months. Not only does it cost you more in accountant fees but there is a higher potential that you will miss a deduction in the chaos! It is never too late to start, even if this year’s receipts are in a shoebox make sure to have them organised prior to the accountant seeing them. For the coming financial year, make a new financial year’s resolution to be more organised. There are plenty of apps available for your phone or tablet that allows you to take pictures of your receipts and even collates them for you.


3) Check your tax return
Once you have gotten to the pointy end of tax time and the paperwork is complete, make sure you check your tax return to make sure nothing has been missed prior to signing it.


4) Get the right money advice
Find an accountant that you trust and that has an excellent understanding of property investment. The new financial year is a perfect time to make a change from one accountant to another should you wish to.


5) Get the right real estate advice
The beginning of a new financial year is a great time to review the management of your investment property. Ask your agent to review the rent, see if there are any outstanding maintenance items and find out what your homes worth in the current market. If you would like a review of your investment, make sure to give our property management team a call on 9800 0000.

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