As another financial year comes to a close, you’re probably getting everything in
order to lodge your tax return. Here are our top tips for property investors
preparing for end of financial year. 

Know what you can claim

Understanding what is deductible and keeping a clear record of these expenses
can make tax time much simpler. For investment properties consider the
following:  

• Council and water rates 
• Strata levies 
• Insurances 
• Bank fees 
• Property management statements 
• Repairs and maintenance 
• Interest on investment loans 
• Travel expenses 
• Renovations or improvements you have made to the property 
• Land tax 

Some of these items might not be eligible for an outright tax deduction but may be
depreciated over a period of time. It’s important to speak with your accountant
for guidance. 

Be organised 

If your accountant provides you with a checklist, complete it and provide the
documentation that they request in an organised way – don’t hand over a shoebox
filled with receipts. If you don’t have a checklist to work to, you might like
to put together a spreadsheet summary and have your documents sorted into
categories. That way, if you need to access a particular document you can find
it easily. 

Ask Questions: 

Don’t be afraid to ask your accountant what they are doing and why – it will help you
understand the tax implications of your investments. If you understand why your
accountant needs particular things to complete your tax return, you’ll save
time in preparing for the next financial year. 

Check your tax return: 

Take the time to read through and check your tax return before signing it.