Christies Beach 
As the End of Financial Year (EOFY) approaches on June 30, it’s time for property owners, investors, and landlords to get their finances in order. Whether you own an investment property or recently sold your home, there are key things to remember to make tax time easier and potentially more rewarding.
1. Gather Your Documents
Make sure you have all your paperwork ready, including:
- Property management statements
- Rental income and expenses
- Loan interest statements
- Invoices for repairs, maintenance, or improvements
- Depreciation schedules (if applicable)
2. Maximise Your Deductions
Investment property owners may be able to claim a range of deductions, including:
- Property management fees
- Council rates and strata fees
- Repairs and maintenance
- Loan interest
- Insurance premiums
Check with your accountant to make sure you’re not missing anything.
3. Prepay Certain Expenses
If you have the cash flow, prepaying some expenses before June 30 (like interest, insurance, or repairs) can bring forward deductions into this financial year, reducing your taxable income now.
4. Review Capital Gains
If you’ve sold a property this year, it’s important to understand how capital gains tax (CGT) may apply. Speak to a qualified accountant to assess your liability and explore potential offsets.
5. Plan for the Year Ahead
EOFY is also a great time to reassess your property strategy. Is your investment portfolio still aligned with your goals? Should you refinance, renovate, or consider buying or selling?
Need Help? We’re Here for You
If you’re unsure where to start, or want to review your property plans, give us a call. We’re happy to guide you in the right direction. Give us a call 08 8382 3773.
