Tax time of the year is always a daunting time but it shouldn’t be! Playing it safe is always recommended, keep personal, business and investment expenses separate. We have devised a simple but basic check list to ensure you include this with your tax.
- Statements in sequential order for each separate property
- Checked statements against bank account statement to make sure all payments have been made
- If you have recently bought a property have you got all contract and agreement details
- Water charge accounts (if not paid by agent)
- Bank Fees
- Capital costs
- Interest on loans accounted for (beware if you have a line of credit that you have itemized personal from property expense)
- Advertising fees
- Agent fees (should be on your statement with any maintenance paid by agent)
- Body Corporate fees and statements
- Borrowing expenses
- Cleaning & general maintenance (if not already itemized)
- Council rates
- Insurance premiums paid
- Land tax
Tax experts advise that claiming depreciation is one of the easiest and most valuable ways to save money at tax time, and yet 80 percent of property investors don’t claim it! A Tax Depreciation Schedule is simply a report on all the items in an investment property that are decreasing in value.
If you would like a tax depreciation schedule done for your property please give Claire a call
ph: 07 3505 4444 or m: 0434 133 285
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