As the end of financial year fast approaches, this is the ideal time to ensure your property portfolio is up to date for tax purposes. Here we offer some tax tips for property investors. It is important to work with your accountant during this time of year so you have ample time to implement any strategies that will help your financial situation. Tax depreciation schedule - Many investors...
Tax depreciation is a valuable tax deduction for property investors. The benefits of a depreciation schedule can also be long lasting. As a result it can provide great assistance to accumulating your wealth and property portfolio over time. What is a tax depreciation schedule? A tax depreciation schedule tables you tax deduction entitlements and outlines the breakdown on an annual basis. It simplifies your...
Autumn is the time of year that transitions summer into winter. Watching the leaves change colour and seeing the floors fill with beautiful leaves is a such a therapeutic time of year. Autumn is the perfect time to maintain your property before the winter sets in. With expected rain falls to increase and colder nights, its time to set your home up. Here are a few things idea to maintain your...
A full turn-key house is an upgrade made available by home builders in which they take care of necessary additions to the home, like internal wall painting, flooring, and blinds. By upgrading to a full turn-key package, you can relax knowing your home truly will be a 'move-in ready' solution. Once you receive the keys you can immediate lease the property or move in and start living the dream! A full...
Tax office warns investors. During 2019 the Australian Taxation Office (ATO) identified a large number of deductions claimed by property investors including errors. This has the ATO increasing their auditing of property investors. During the 2017-18 financial year about 1,500 were audited, while this increased to 4,500 in the 2018-19 financial year. Tax office warns investors Here are the most...
Renting a furnished investment property longer term (i.e. 1 year or more) doesn’t really attract a tenant any faster or offer a greater rent as apposed to a short term lease. In this situation you may be over spending. A longer term tenant may already be well equipped with their own personal belongings and contents. In a summary here are the differences between a furnished investment property and...
Replacing yourself as property manager. Maintaining an investment property can be quite expensive. In order to make it as profitable as possible it’s ideal to review areas where you can save or improve your cash flow. One of the areas many investors look to consider saving is replacing yourself as property manager. As property advisers/buyers advocates, we understand why a landlord would consider it....
When buying off-the-plan not much can happen in the way of settlement until the vendor has received a certificate of occupancy. Your property must pass a series of inspections. These inspections may include a variety of reviews such as a fire safety check, an electrical or plumbing inspection and any other general building inspections What is required for a certificate of occupancy? In order to obtain...
Don’t set and forget – always ensure your insurance is up to date. When buying a property it’s important to ensure your asset is insured against any unforeseen events. It’s likely to be the most expensive asset you buy. We’ve noticed overtime investors review their property portfolio performance but neglect to review their insurance. Insurance cover provides a vast range of unforeseen...
Having a good tenant makes investing property so much better. However, even good tenants encounter financial loss and this will have a direct flow in effect to the landlord. On the other hand a bad tenant can cause significant problems to a landlord in more ways than one. Here are some ideas to help minimise rent in arrears: Upfront background checks When your property manager contacts you to present a...