Maximise the returns on your investment property this EOFY
As a property investor, the end of the financial year (EOFY) can be an especially important time. It’s essential to maximize your returns and minimize your liabilities come June 30th. To help you get ready for the upcoming EOFY in 2023, we’ve compiled some helpful tips for property investors below.
1. Review Your Asset Register
Make sure you have a comprehensive register of all your investments. This should include every property, as well as details like location and purchase price. This register will prove invaluable for calculating capital gains or losses at the end of the financial year.
2. Claim Depreciation
Make sure that you are claiming depreciation on any renovations, improvements and assets attached to your properties. You can claim depreciation over a number of years, which can drastically reduce your tax liabilities.
3. Leverage Tax Exemptions
If you own an investment property in Queensland, you may be eligible for certain taxation exemptions depending on the circumstances. Make sure to research any applicable exemptions and take full advantage of them when filing your taxes this EOFY.
4. Consider Capital Gains Tax (CGT)
If you are selling an investment property, you need to be aware of capital gains tax in Queensland. Calculating any CGT liabilities can help you maximize your returns and ease the burden come tax time.
5. Review Your Financing Arrangements
Make sure that you review your current mortgages, loans and other financing arrangements. This will help you make smart decisions about refinancing or restructuring your financing to maximize returns this EOFY.
What can a property manager do to help with my tax?
Our trusted property management team here at ARG will help with your taxes – and even more. When it comes to managing your rental property, your property manager will help you keep track of all your long-term rental yield, cash flow, expenses, taxes, fees, and even your depreciation schedule.
You may think you already have an accountant to take care of your taxes at EOFY – but what about all the steps you need to do before your accountant gets involved? If you haven’t already, make sure to get access to our unique client portal where everything relating to your property is available to you at the push of a button. Not only does this mean you have 100% transparency, but you’ll be completely on top of your record-keeping using our unique online software. You can then simply grant access to your accountant or financial planner.
These are all steps that can be taken care of by your property manager for you. Not only will your property manager keep your financial records and reports highly organised and well-maintained for you, we can also offer you advanced financial advice to help grow capital on your property or portfolio.
By following these tips for the upcoming EOFY in 2023, property investors can ensure they are maximizing their returns and minimizing their liabilities come June 30th. With the right preparation ahead of time, it’s possible to make the most out of your investments this tax season.
Contact us today if you need any assistance with your documents prior to EOFY.