Make the most of the end of the financial year!
Maximise your tax benefits on your investment property. Here's a list of some of the things you can do to your property over the coming month that will prepare it for the dry and can get the most for your tax return.
With the end of financial year approaching, it’s a good idea to make sure you are maximising your tax benefits on your investment property.
Here are some tips for landlords to bear in mind at this time of year:
- Arrange any repairs and maintenance to be completed before the EOFY.
- Finalise any large improvements.
- Claim your property insurance costs.
- Prepay insurance and other policy costs.
- Claim interest on your loan.
- Claim it all – make sure you are claiming everything you are entitled to.
Some suggested repairs and maintenance as we head into the dry season are:
- Arrange for the pruning/tidying of the garden, including mulching.
- Service/Repair of the sprinkler system, especially as the rains have stopped and the grass is starting to turn a little brown.
- Any upgrades to the pool, as it's likely to get much less use over the coming months.
- Service the airconditioner. It's been running most of the wet and now's the perfect time to get it serviced, and not wait until September when the first signs of the build-up hit.
- Small upgrades such as replacing light switches, fans, and toilets.
Give your property manager a ring to find out more and to discuss this in further detail - with our wealth of knowledge and experience, we'd be happy to help!