End of Financial Year for Landlords
It’s nearly the end of financial year, and as a RE/MAX Extreme Landlord we have your back covered with majority of what is needed, but it’s a good idea to review the following things in preparation for the new financial year ticking over.
Expenses You Have Paid For Yourself
If you have paid any bills yourself for any work undertaken at the property, make sure you can put your hands on the Invoices to provide to your accountant, so they can confirm if they are a deductible expense. Wouldn’t want to miss out on claiming any legitimate expenses!
Depreciation Schedule
If you haven’t previously obtained a depreciation schedule for your property, it is worth considering for sure. Review this link to see what it’s all about http://deppro.com.au/location/perth/, and if you want us to arrange one for your property let us know!
Review your Insurance Cover
Dealing with so many properties, unfortunately sometimes we do see things go wrong. Having adequate insurance cover is an absolute must and takes so much stress (both financial and emotional) off the landlord so it’s always worth reviewing! We find the general insurance companies that don’t specialise in landlord protection don’t offer the same cover as EBM Insurance, who generally don’t cost any more but give you a much better protection for things that can go wrong at an investment property. Review the below link and the list of what is covered to make sure your current coverage includes the same, as if you’re paying for it anyway you might as well be covered for everything you can! Get in touch if you want to change or get a policy setup with EBM, and we can arrange a discounted rate for you!. Here is the link to check them out – https://www.rentcover.com.au/products/
Large Ticket Items That May Require Replacement
If you have certain items at your property that are still hanging on, but are on the way out, just before the EOFY may be the time to get them replaced. Get in touch if you want to give us the go-ahead for any repairs or maintenance in the wind. Make sure you consult your accountant for what is considered a repair and deductible, and get in touch to give us the go-ahead.
Get a Property-Savvy Accountant
Not all accountants were created the same. Property investment is a niche accounting category, and in order for you as landlord to enjoy all the benefits investment offers, you need an accountant who will treat your asset as a business! It’s in your interest to work with an accountant well-versed in the opportunities and risks that concern a property investor’s return. From both a compliance and financial perspective, a clued-up property expert accountant will help you get the most out of your investment property so it’s always a good time to review who is looking after your deductions and making sure you can get the most out of your investment.
As your Property Management company, we will be following up invoices for any current maintenance jobs so that they can be processed prior to the EOFY for you, and also provide you with an Annual Statement that you can provide to your account for all income and expenses we have received and paid out over the course of the financial year, so that should make it nice and simple! Keep an eye out for that because it comes to you by email in the first week following the 30th of June.
Happy EOFY everyone!
