Are you prepared for EOFY? Your property tax checklist

Being prepared at tax time offers many benefits. It not only reduces your accountant’s bill but enables your return to be processed quickly, allowing future lenders to access your up to date financials and approve your next purchase faster.

The comprehensive checklist below is one I use to ensure I’m fully prepared at tax time and maximising all the deductions available. A property investment specialist accountant should also be able to provide you with a list of what they require.

Portfolio information:
•    Copies of your sale contracts which show the price and date the investment properties were purchased
•    Copies of your settlement statements for those properties purchased during the financial year
•    Copies of the depreciation schedules for each property – if you don’t have these you will need to arrange immediately with your accountant
•    All bank statements for the financial year showing the rental income received over the period and the interest paid on the mortgages

Evidence of the all the expenses incurred during the financial year in relations to the properties in your portfolio. These may include:
•    Administration and accounting fees
•    Property management fees
•    Legal fees
•    Quantity surveyors’ fees
•    Insurance costs
•    Advertising costs for marketing the property to tenants
•    Body-corporate fees and charges if any of the properties are strata titles
•    Land tax and council rates
•    Lease agreement expenses
•    Repairs, maintenance and servicing costs
•    Cleaning, gardening and lawn mowing costs
•    Electricity, gas and water bills (only those incurred by you and not the tenants)
•    Pest control
•    Any stationery, postage and telephone calls
•    Travel and car expenses (usually in the form of a log book, with relevant receipts)

I recommend keeping a file on each property and file all receipts and documents away as they come in. Being thorough and organised will not only save you time and money, it will also optimise your returns and will put you in the best position possible to continue growing your portfolio successfully in the new financial year!

About Ryan Crawford
Ryan Crawford has been involved in the property investment industry for over 10 years, making the transition from successful investor to real estate professional.

Ryan is a firm believer in the power of positive property as a wealth creation vehicle. In just eight years he had built a multi-million dollar portfolio and created a significant second income.

A decade later, having refined his strategy for wealth creation, Ryan is now dedicated to sharing his wisdom and insight to help every day Australians achieve their financial goals.

“Financial freedom is within everyone’s reach. We have enabled many investors, previously unaware of the power of positive property, to build multimillion dollar positive property portfolios. Their investments now generate enough income to support early retirement, allowing them to live the lifestyles they had always dreamed of.”

For more information view - https://www.crawfordrealty.com.au