Thursday, June 15, 2017

End of financial year... Landlords there are 13 days to go!

Planning for the end of the financial year will go a long way to ensure you maximise your returns, and to be able to claim a range of tax benefits available to your rental property or portfolio.

So what should you look to do before 30 June?

Uncompleted maintenance items
Make sure you arrange any last-minute repairs 
to your property or replace any items you might have been putting off to ensure they 
are included in FY16/17.

Depreciation schedules
Depreciation benefits can apply to the dwelling alone or individual items within a property, such as hot water units and air conditioners. If eligible, the average amount that can be claimed on your property in the first year can range from $4,000 to $15,000 - so this is definitely worth looking into! It is important to note that under the 2017 Budget, owners who acquire a property after 
9 May 2017 will not be able to claim depreciation 
on existing plant and equipment assets. Investors 
will, however, still be able to claim qualifying capital works deductions, including any additional capital works carried out either by themselves or a previous owner.

Interest rates remain at historical lows. Taking advantage of this is creating savings for Landlords of up to $150 per week. Revising your funding now can set you up for additional savings in FY17/18!

Getting ahead
Some investors take this opportunity to prepare for the year ahead by pre-paying expenses such as water and council rates.

Capture everything
Make sure you look back through all of your expenses from FY16/17 to ensure they're included. There have been recent changes to what investors can and cannot claim, so having a chat with experts in this field will help you understand what benefits are available to you.

The countdown to 30 June is on, but there is still time to prepare! If you would like to know more about what you can be doing before the new financial year, be sure to chat to your Property Manager. At Toop&Toop we are in 
the prime position to help you, or to put you 
in touch with the right professionals.

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