Are you prepared for EOFY?
How to prepare for EOFY:
The end of year is fast approaching, and we thought it was a good time to remind you to be prepared and start planning as there is approximately 6 weeks until the EOFY, 30th June 2023.
The below are some of the most common things we see and hear along our journey working with so many investors, however we are not financial planners and/or accountants so please always consult employed experts in this field:
Claim all tax deductions: Make sure you claim all allowable deductions on your investment property, including repairs and maintenance, interest on loans, and property management fees.
Pre-pay expenses: Consider pre-paying expenses such as council rates, insurance premiums, and property management fees before the end of the financial year to claim them as deductions for the current year.
Depreciation schedule: Have a depreciation schedule prepared by a qualified quantity surveyor to claim depreciation on capital works and plant and equipment. Even if this cant be scheduled prior to this EOFY, it could be invaluable for years to come.
Review rental income: Our team are constantly assessing the market and will make recommendations at the legally allowed and appropriate terms in your lease.
Review loan arrangements: Review your loan arrangements to ensure that you are getting the best interest rate and loan terms. It is a competitive market between banks and there may be better deals available.
Capital gains tax: If you are planning to sell your investment property, consider the timing of the sale and the impact of capital gains tax.
Keep good records: Keep accurate records of all income and expenses related to your investment property to make tax time easier.
Seek professional advice: Consider seeking professional advice from a qualified accountant or tax agent to ensure that you are meeting all your tax obligations and maximising your deductions.
Useful resources:
EOFY statements for all Rental Providers with OBrien Real Estate Clark will be produced and available for you in your PropertyMe Portal on the 03/07/2023.
Disclaimer:
The information shared above is general information and may not relate to you or your individual circumstances, and must not be relied upon in anyway. Obrien Real Estate Clark and all employees of is/are not qualified Financial experts, and we highly recommend you seek advice from an expert in Financial services. OBrien Real Estate Clark will not be responsible for any decisions you make utilising this information.