Landlord Resources

Preparing for Tax Time

By Sarah Barton, Terri Scheer Distribution Channel Manager

With the end of financial year fast approaching, landlords who carefully plan and manage their expenses can look to achieve the best outcomes at tax time.

Property managers can play an important role in assisting their landlords reduce June 30 stress and maximise their deductions.

Below are just some of the ways property managers can support their landlords through this time.

Tax deductions

Landlords may be able to claim a number of tax deductions on their investment property but this can often be overlooked. Property managers can be an invaluable asset to a landlord and can assist in this area.

Landlords can usually claim their landlord insurance premium as a tax deduction. Body corporate costs and advertising for a tenant are other potential deductable expenses to consider.

Property managers should work closely with their landlords to ensure any maintenance work is addressed prior to June 30 to include in this year’s tax return.

Encourage your landlords to plan ahead and avoid leaving maintenance issues to the last minute, as they may miss out if a tradesperson can’t be booked.

End-of-year financial statements

Property managers can help streamline the process at tax time by providing a detailed end-of-financial year statement to landlords.

This includes specific details they can pass on to their accountant outlining all of their costs, including property management fees, maintenance work and insurance.

Professional advice

While property managers have a role to play with assisting landlords during tax time, seeking advice from a tax specialist can help make this time of year much easier for landlords.

Landlords are encouraged to speak with their accountants to confirm what they can and can’t claim as a tax-deductible expense in order to maximise their tax returns.

For further information call 1800 804 016

Disclaimer:

Insurance issued by AAI Limited ABN 48 005 297 807 AFSL 230859 trading as Terri Scheer. Read the Product Disclosure Statement before buying this insurance and consider whether it is right for you. Contact Terri Scheer on 1800 804 016 or visit our website at www.terrischeer.com.au for a copy. The Target Market Determination is also available.

The information is intended to be of a general nature only. Subject to any rights you may have under any law, we do not accept any legal responsibility for any loss or damage, including loss of business or profits or any other indirect loss, incurred as a result of reliance upon it – please make your own enquiries. This article has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it.