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Now is the best time
By: Vincent Ruan
June 01, 2022

The End of the Financial Year is nearly here!

As the end of the financial year in Australia fast approaches, naturally our thoughts turn to all things tax, particularly if you own an investment property.  More specifically, we start to wonder how to reduce the amount of tax the ATO would like us to pay…

One of the simplest ways to maximise your investment is to have a Tax Depreciation Schedule prepared for your property and there is still time to organise this, if you haven’t already done so. Many of our landlords have had great success with reducing their taxable income significantly simply by having one of these reports prepared by a qualified quantity surveyor (case study).  Then there is the added bonus of being able to claim the cost to have it completed as a tax deduction.  If you would like to know more about Tax Depreciation Report , please reach out to our Property Investor Support Vincent - you  won’t be disappointed and your Accountant will love you for it!

Also, in early July, our landlords will receivean EOFY Statement which provides a neat summary of the income received (and expenses paid) on their behalf by our agency during the 2021/22 Financial Year.

Another thing to be aware of is that the Australian Taxation Office has introduced some pretty interesting technology over the last few years. Property Investors are now firmly on their radar and they are using “data matching” software to ensure that the information provided by owners regarding their investment properties is accurate.  No-one wants to get on the bad side of the ATO so for those investors who are tempted to perhaps “get a little creative” our advice is, it simply isn’t worth it.  They know everything!

JR Landing Green Square - Finalist in REB (Real Estate Business) Awards Property Management Office of the Year 2021 & 2022

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Written by
Vincent Ruan
As a property investor himself, Vincent's passion for real estate began more than 10 years ago, and his focus on professional...