Tax time is upon us
As the end of financial year approaches, now is a good time to maximise your property deductions and enhance your future cashflow. Here are a few suggestions to get you started:
Organise for maintenance to be completed on your investment property. Regular servicing by a professional is important to keep your property in the best shape possible. Pay for it before June 30 and you can claim it as a deduction for this financial year.
Does your investment property need to have its hot water system, heating, kitchen appliances or carpets replaced? If so, now is the best time to purchase and install because you can legitimately reduce your tax if you pay by the end of June.
Organise a specialist quantity surveyor to visit your investment property and prepare a tax depreciation schedule. They will find a long list of items that can be depreciated which will help to further reduce your taxable income. The surveyor’s fee is tax deductible and the tax savings are usually greater than the fee.
To make your life simpler, the Jellis Craig Property Management team is ready to help organise any of the above services or put you in touch with an appropriate professional. Please call your property manager today for immediate assistance.
Please note that this information should not be taken as financial advice. For further assistance on your tax, please contact your accounting professional to discuss your situation.