What Landlords Need to Do at the End of the Financial Year
The financial year ends on the 30th of June. The end of the financial year or EOFY is an opportune time for Landlords to review their rental properties.
Depreciation schedule
Investment properties can come with great tax benefits and now is the time to make sure receipts and documents are in order to claim benefits. A depreciation schedule sets out every item in your home that’s eligible for depreciation and gets lodged with your annual tax return.
Speak to your Accountant
Your accountant should understand your financial situation and be able to advise you on the best way to go about structuring your investment property. They should also be able to find out the tax implications of any income you receive from the property, as well as any associated expenses.
Speak to your Property Manager
Your Property Manager can advise you on what you should be doing to improve your property’s value and maximise rental returns. Your Property Manager should also be able to issue an end of financial year statement. While this is not a compulsory statement and is only a summary of all other statements issued throughout the financial year, it’s good to save it straight away so you have it ready at hand when you need it.
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