Is it that time already? 2014 seems to be racing by, with April almost upon us it’s a good time for property investors to start thinking about hitting the books and finding those deductions across their investment portfolios.
Better to start early, so here are few ideas to get you motivated:
1. Termite / Building and Pest / Maintenance
– It’s a great time before the end of the financial year to get necessary and required maintenance out of the way – and tax deductible
2. Are you moving back in?
– If you have a rental property you are looking at moving back into in the next 12 months, it might be worth looking at spending on any improvements before you do. For example, if the kitchen could do with refurbishment, it’s worth doing before you are living in the home as an owner / occupier, whilst it is still rented out.
3. Other Deductions
You can also deduct your mortgage interest, relevant insurances, smoke alarm checks, maintenance and installation, property management fees, any marketing you did to re-rent the home and so forth ……
4. Check with your preferred tax accountant for a full list of deductions on your investment portfolio – naturally the best place to start is your friendly property manager at Robert James Realty.