With the end of another financial year fast approaching, now is a great time to review and revise your property investment.
Don’t wait until tax time to take stock of your current financial situation. It pays to seek expert advice early on how to best structure your investments, especially if your income has varied or you incurred a capital gain during the past year. Keeping track of all your investment-related expenses will also save you time and money at tax time.
A key component of maximising your investment potential is being aware of the tax deductions you may be able to claim for your rental property, such as:
- Advertising to find a tenant
- Bank fees and borrowing expenses
- Cleaning, gardening and pest control costs
- Council and water rates
- Interest expenses
- Land tax
- Owners Corporation fees
- Property management fees
- Repairs and maintenance
To find out more, the Australian Taxation Office provides a great reference for
residential rental property investors.
Consult with your property manager about any possible improvements or updates to your property that would make it more attractive to tenants and help attain a higher value rental return. Simply repainting and recarpeting a two bedroom apartment could equate to additional $20-30 per week in rental value. Employing a quantity surveyor to draw up a specific depreciation schedule for your property can further enhance cash flow. Also don’t forget to review your current lending arrangements and revise if necessary to take advantage of record low interest rates on offer.
Our award-winning property management team have the expertise and market insight to ensure you’re maximising your return on investment. Contact us today on 9091 1400 for a rental comparision or complementary investment report.