Towards the end of every financial year, Landlords and property investors should review certain items to check how their investments are performing and how they can further their goals.
The end of each financial year is a good time to survey the level of insurance coverage on your investment properties. You should routinely be looking into these to guarantee that you have suitable coverage for your property’s needs.
Review the loan options in the market and compare them to your current loan to see if you are getting the best rate. At a minimum, review your loans every few years, particularly when your interest rate is variable.
Repairs and improvements
After your yearly maintenance and repairs, note which ones are deductible. Repairs caused by fair wear and tear are deductible. Replacing faulty electrical switches because they are worn out due to everyday use is one example. Additionally, if you have made any improvements, such as extensions and alterations, renovations and improvements to the property, these are also deductible. However, the deduction is spread over a number of years.
When you lease an investment property, you can guarantee being able to claim a deduction for the outgoings, such as water rates. However, a lot of investors are not aware that you can also claim depreciation. Review these with your Accountant.
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