It’s hard to believe that the end of the financial year is almost upon us once again. And, one thing it’s vital you do as an investor is to make sure you’re prepared. If you don’t have a depreciation schedule or yours is out of date, now is the time to get one for your investment property by engaging a quantity surveyor.
And if you’re worried about the cost, don’t be. Any fees you pay to the quantity surveyor could be deductible too.
You should also consider what other tax strategies will work for you. For instance, pre-paying interest on your home loan for next year could help you reduce your taxable income. So speak to your accountant about whether it’s something you should be doing.
Also, make sure you carry out any maintenance before the end of the financial year so that you can potentially claim money spent on this work.
For property investors, it’s often the seemingly small things like these that can add up over time and really help you grow your wealth.
Want more?
If you’d like to know more about making the most of the end of financial year, get in touch with your portfolio partner or call The Agency head office on (02) 8376 9100 to assist.