Recent Buying Selling Lifestyle
Recent Buying Selling Lifestyle

Getting ready for tax time

14-Jun-2017
Written by Kerrie Walker
With the end of financial year only weeks away, Australia’s two million-plus residential property investors should start planning now if they want to receive a healthy sized tax refund.


As most savvy property investors know, some expenses they have incurred in the past year with their investment property may be offset against their income for the same period.


Although the end of financial year can be taxing for property investors because of the documents needed for trips to the accountant, the financial benefits make it worthwhile – with the potential for thousands of dollars being made available for future investment goals.


Repairs and maintenance expenses can often be tax-deductible, and real estate agencies can remind landlords of potential tax write-offs. These may include management fees, council rates, body corporate levies, plus repairs and maintenance expenses. Remember that these expenses may include smoke alarm maintenance costs, water efficiency measures and Property Risk Inspection reports.


Real estate agencies and their landlords should also ensure they meet compliance obligations with regards to current state and federal based smoke alarm, water efficiency and pool compliance legislation and regulations.


If your property manager pays all your accounts and maintenance then they should be able to provide you with a comprehensive Financial Year Statement which makes the end of financial year handover of information to your accountant a breeze.


We recommend that you discuss any financial matters with your accountant, however if you need to talk about management based matters then give the Property Management Team at Newton Real Estate a call on 9524 0777.

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