Can you believe it’s approaching that end of financial year time again? It’s that time of the year when property investors should be thinking about getting their house in order to keep the tax man at bay.
We know tax time is not the most glamorous of things to talk about; in fact, it’s probably the last thing you want to focus on. Maybe instead you could think about that beach holiday or the new extension for your own home with the extra money you’ll get back just by having your house in order. Does that sound more appealing?
Real estate investing has lots of great perks to help reduce your tax, and put more cash in your pocket at tax time.
Here are a few key things to think about before June 30 comes around.
If there is any maintenance which needs doing on your property, it’s a great time to get it done so you can write the cost off in the 17-18 tax year, and get those benefits sooner.
The interest you’re paying to the bank (if you have a loan for your investment property) is tax deductible.
Depreciation schedules are a great way to maximise the property’s deductions. They allocate a value to all the things like buildings, rainwater tanks, curtains, even down to the fences and bins to depreciate each year, and that amount is tax deductible. So, if you don’t have one for your property, we recommend having one done.
At McGrath Real Estate, we’re here to assist our clients with advice and keep you on the right track to get the most out of your investment, so feel free to give us a call, we’d love to help!
And of course, if you’re looking at buying your next investment property, we would love to help you find that perfect place.
Contact McGrath Real Estate to assist with selling and finding that perfect new home for you.