Preparing for EOFY

The end of the financial year (EOFY) is fast approaching! Although June 30 might still seem a while away, don’t cut yourself short on time to prepare.

EOFY is a busy time of the year for most, so why not stay ahead of the game with these simple tips to make your life a little easier at tax time.

Get Your Paperwork in Order

If your property is managed by us at Hanson Property, this part is a breeze! You can log into your owner portal via Property Tree to access all your financial documents using this link (https://client.propertytree.com/login)

If there is something specific you require a copy of, contact your property manager early to ensure a quick turnaround. We do receive many requests heading into EOFY so it helps to get in early and avoid delays.

Consider Repairs & Maintenance

End of Financial year is a busy time for contractors too, so if there is any maintenance that you have been putting off and want to be completed before year’s end, let your property manager know as soon as you can so that this can be organised for you.

We always recommend considering annual maintenance like gutter cleaning, RCD & smoke alarm checks etc. before EOFY if they haven’t been done already.

Understand What You Can Claim

Make sure you chat to your accountant to understand what you can claim at tax time. This will give you some direction about the information you need to compile for them to finalise your return.

Each case is certainly different, however in general you can typically claim expenses like:

• Rates – water, sewer and council rates.
• Insurance – landlord, building, contents, and public liability insurance is a must. Your tenant is required to cover their own contents, however carpets, blinds or curtains etc. remain with the property so you as the landlord must insure them.
• Property management fees – either fees or commissions paid to property agents.
• Depreciation – based on either a depreciation report (quantity surveyors report) or from individual assets purchased for the property (new oven, flooring, blinds etc.). If you haven’t had a depreciation schedule prepared, we usually recommend Deppro or BMT Tax Depreciation  Schedules
• Capital works – construction costs to improve your property. You can read more about how these deductions work here
• Repairs and Maintenance – expenses to remedy issues resulting from general wear and tear.

You can also refer to the Australian Taxation Office website for a complete list of claims to suit your needs.

Don’t Forget!

Landlord Insurance.  It’s usually tax deductible and in our view, really is essential for to ensure you are covered for unexpected damage or vacancy. When gathering paperwork for your tax return take the opportunity to ensure you have up-to-date cover. If not, speak to your Property Manager to get a quote.

If you’re not sure about what to look for in your Landlord’s insurance policy, you can check out our blog here