Get your Investment Property Ready for Tax Time

Running an investment property is akin to operating a business. Efficiently documenting all assets, liabilities, income, and expenditures throughout the year can significantly simplify your life when it comes time to gather information for your accountant during tax season.

To ensure you’re well-prepared and alleviate any stress or anxiety, it’s crucial to be aware of the deductions you can claim and the necessary documents required by your accountant. At Propel Realty property management, we understand the importance of streamlining this process. That’s why we’ve created a straightforward checklist to help you get your property ready for tax time.

Maintain Detailed Expense Records. Keep track of all expenses associated with your property.

• Claimable deductions include:
  • Loan interest
  • Property management fees
  • Body corporate fees
  • Insurances
  • Council and water rates
  • Gardening
  • Cleaning
  • Repairs and maintenance

Maintain Tenant Rental History:

• Record entry and exit dates for tenants.
• Document any instances of private use or vacancy.

Gather Proof of Rental Income:

• Compile evidence of the income earned from your property.

Organise Loan Documents:

• Collect all relevant loan documents.

For Newly Purchased Properties:

• Gather records of sale and contracts.
• Keep conveyancing documents.
• Document borrowing expenses.
• Retain the title deed.
• Consider obtaining a depreciation schedule if applicable.
• Account for any additional costs incurred during the purchase.

At Propel Realty property management, we provide detailed records and reports on the income and expenses associated with your investment property. Our team is here to offer guidance and support in preparing for tax time.

For further assistance and to access comprehensive property records and reports, contact us at Propel Realty property management. We’re dedicated to helping you navigate tax time effortlessly and maximise your investment property’s potential.