Quick Tips For Tax Time!!! Are You Ready?

Quick Tips For Tax Time!!! Are You Ready?

Property investors can minimise their end of financial year panic and their maximise tax benefits with a few quick tips for tax time.

Keep your receipts

This may sound simple, but it’s amazing how many of us don’t keep documentation of expenditure during the financial year.

Your property manager will be able to provide you with annual income and expenditure reports, but in the event you pay for any supplies, fittings or maintenance yourself, be sure to document these expenses and keep the relevant paperwork.

Travel time

If your investment property is interstate (or even a few hours away) you may be able to claim the costs of travelling to and from it for inspections, maintenance and so on. Document all trips and speak to your accountant about claiming them.

Similar blog – 5 ways to save tax as a property investor right now!

That’s interesting

Interest expenses incurred on borrowed funds that you have used to invest are tax deductible. This is determined solely by the purpose of the loan, so if you plan to use a loan for both investment and personal expenses, consider splitting it to maximise your tax benefit (and avoid surprises from the ATO).

Losses vs. gains

Capital losses and capital gains have a huge impact on your tax liability, but can be a trap for new investors.

You will need the services of a qualified accountant to ensure you are adequately offsetting any capital gains. I

f you are planning to sell a property, be sure to notify your accountant, as the timing can have tax implications.

Similar blog – Five reasons why investors should claim depreciation.

Trust yourself

Establishing a trust can be extremely beneficial, not only from a tax perspective but also when it comes to asset protection, risk, estate planning and other legal issues.

Investing a few thousand dollars in ensuring your trust is properly set up and administered will bring gains in the future.

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Ben Everingham


Ben founded Pumped On Property after building a multi-million dollar property portfolio over a 5 year period. His mission is to show you how to replace your income through property investing so you can do what you love…full time.

One thought on “Quick Tips For Tax Time!!! Are You Ready?

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