Do you own an investment property?
Get organised in the next few weeks and you’ll maximise your investment returns. Book in any minor works or repairs you’ve been putting off, and claim the expenses this financial year. Make sure you include a fire alarm inspection on your list.
Gather statements from your property manager and receipts for repairs, building work, insurance, body corporate levies, rates and water from throughout the year.
Organise a depreciation schedule if you don’t already have one. As a building gets older and items wear out – they depreciate. The Australian Taxation Office (ATO) allows property investors to claim depreciation as a tax deduction.
For years to come depreciation will be something you can claim for without spending money.