To do in June
The first month of winter is here! But don't think you can just hibernate over these cooler months, there's still plenty to think about and action to make sure your property stays in it's best shape.
This page is currently a work in progress, with more content being added all the time - be sure to check back later for more information.
Understanding your end of year statements for tax time
When you have an investment property and its negatively geared, tax time probably couldn’t come soon enough. You’re likely going to get a refund, it’s just a matter of how much. On the other hand, if your property is neutral or positively geared, it may be something that you tend to put off a little longer.
Let’s face it, unless you’re extremally organised throughout the year, its probably a bit of a chore to find and collate everything you need so you make sure you don’t miss anything you can claim. Either way tax is something you’ve got to sort out and with all the things you may be claiming, who knows where you’ll end up. We think it’s better to get it over and done with as soon as you can and move onto focusing on the next financial year.
Some of your biggest claims at tax time are your expenses associated with your investment property. This includes things like maintenance, bills and strata and property management fees. If we are looking after your bills, we make it pretty easy to sort this part of your tax.
We provide you with one simple end of financial year statement. This is all you’ll need to hand over to your accountant at tax time to claim everything for your investment property with one exception – depreciation. If you can claim depreciation (and if you can, you absolutely should, it’s one of the biggest claims for investment properties), you’ll need a depreciation report. Read more about deprecation here.
Check out our “how-to guide" on reading your statements. You’ll be all over what’s what and can cross check that everything looks as it should before you hand it over to your accountant.
If we’re not looking after your bills, you’ll need to add up all these expenses as well as your statement to hand over to your accountant. Want us to pay your bill; and make your life easier at tax time next year? Read our FAQ here.
Get the heating system serviced
This is the time of year when tenants start cranking up the heating. If your heating system hasn’t had a service in over 12 months, you could be facing some high costs if it breaks under pressure. By high costs we mean anywhere from a few hundred to thousands depending on the system. And now that heating issues are included under legislation as an urgent maintenance call out, this will add to the bill. Remember property maintenance is a tax-deductible expense, so get it done now and claim it back at the end of the month.
If the heating system is under warranty, you will typically need to be getting it serviced every 12 months to maintain the warranty.