We are already in June! which means End of Financial Year is just around the corner. If you’re familiar with financial blogs and books you’d be aware that there is a lot of talk around financial wellness, and what a lot of the experts are recommending is for you to review how your investment property is performing to ensure it’s on track with your financial goals.
The biggest thing to focus on in my opinion is your rental return, as this is something that has significantly increased over the last number of months due to COVID and the housing shortage, so there is a great potential at the moment for your property manager to review this and give you suggestions as to how much you could be charging for your property.
We also pride ourselves here at Collective Property Agents on open and honest communication and that means we give our owners practical tips on small alterations or maintenance that could help increase their rental potential. Obviously, we like to have a very regular communication with them to ensure they’re always up to speed with everything coming out.
Realestate.com shared 7 tax tips for real estate investors at EOFY:
- Prepay your interest
- Claim depreciation
- Claim your borrowing expenses
- Lodge a PAYG withholding variation
- Time and Capital Gains Tax events right
- Hold onto your receipts
- Get good advice
