Five EOFY Tips For Investment Property Owners - July 2021

By Guest Blogger, Betty Drennan, Head of Property Management

Morton Real Estate 

It’s usually about this time of the year as we start to feel the chill of Winter that we also face the daunting prospect of gathering the paperwork required to meet the end of the financial year obligations.  So, I thought I’d try to help with my top five tips on how to tackle tax time preparations.

1.  What do you need?

Income & Expenditure Statement:  In a few weeks Morton will email this to you for preparation of your tax return. Watch for it in your inbox in July.

2.  What can you claim?

Your accountant will provide specific advice, but the following are general expenses you can claim as an expense on your investment property.

• Rates – water and council rates, charged once the property is ready to rent.
• Interest – claimable on funds that relate to your investment property, not your owner-occupied property.
• Insurance – landlord, building, contents, and public liability.
• 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.).
• Capital works – anything that increases the value of your investment property.
• Repairs and Maintenance – expenses to remedy issues resulting from general wear and tear.

3.  What have you spent?

To check what expenses you have incurred in relation to your investment property review the statements sent to you by Morton at the end of each accounting month.  If you have kept these on file, they will have invoices and receipts for all matters relating to your property. If you can’t locate, contact your Morton Property Manager to request any missing invoices or receipts.

4.  How has it done?

The end of financial year is a good time to assess the performance of your investment property. Morton is already hard at work analysing the rent return achieved on your property and your Property Manager will be in touch in coming weeks if any adjustment is recommended.

In general, after a tough year across most markets in 2020 rents are starting to improve but Morton is also conscious of the value of maintaining a quality, secure long-term tenant.

5.  Don’t forget!

Landlord Insurance.  It’s tax deductible and really is essential for every tenanted property 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 Morton Property Manager to get a quote to ensure you are covered.

Remember, we are here to help so if you have any questions do not hesitate to give us a call.

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