Talking Cents

Accounting services in Surry Hills for any investment property owner

This week our blog focuses on year-end tax tips, specifically tailored for the commercial or residential investment property owner.

One often overlooked legal tax deduction that can apply to rental properties, both residential and commercial, is to seek out the services of a registered quantity surveyor. Few property owners are aware that in most cases you will be able to claim a capital works allowance deduction for the cost of the building and also a depreciation deduction for plant and equipment in the house or building. Of course, your eligibility depends on individual circumstances. It will never hurt to approach a registered quantity surveyor and enquire. The tax savings can be substantial!

As we approach year-end prepaying interest on your investment loans can also bring forward tax deductible expenses into the current tax year. Again, whether or not this benefits you, is something only you and your accountant will be able to determine. So act now, you've only got a week to act.
Prepaying expenses can also benefit you by bringing forward tax deductions into the current tax year. Insurance is the best example of such an expense that can be prepaid twelve months in advance.

Finally, an annual review of your property portfolio should be in order to see if any upcoming expenses for repairs and maintenance can be brought forward to minimise your income in the current tax year. It should be pointed out that it may well be the case that delaying the expenses mentioned until post 1 July is to your benefit, depending on your personal circumstances.

As small business accountants, we advise that you keep in touch with your accountant to determine if any or all of these tips apply to you and will assist you in achieving your financial goals.

For any questions on anything mentioned above please contact us, your business accountants in Surry Hills.