One of the most rewarding parts of being one of Melbournes top builders is seeing how many of our dedicated clients go on to build impressive property portfolios and create thriving businesses of their own.
If you’re taking that path, it’s worth keeping a few things in mind as the financial year draws to a close especially when it comes to potential tax deductions you might be able to claim.
After all, who doesn’t love a good saving?
Leave it to the professionals
Starting out in property investment can feel overwhelming, especially around tax time when there’s so much to figure out. Our best advice? Don’t go it alone. Lean on experts who know the ins and outs. Ask around, do some online research, and read reviews to find a financial professional who’s the right fit for you. Trusting a skilled accountant can save you far more in the long run than trying to navigate the complexities of tax law on your own.
Keep your paperwork tidy
The more organised your records are, the easier it will be for your tax agent to help you. Track everything related to your investment property purchase details, repairs, maintenance, and rental income. It’s especially important to keep tabs on your rental earnings to see if your property is negatively geared. This means you’re spending more on mortgage and upkeep than you’re making in rent.
Make it a habit to file receipts and documents as you go. Ideally, keep everything scanned and stored digitally, so when EOFY rolls around, you’re not scrambling. The better your records, the more likely your tax professional will be able to claim every deduction you’re entitled to making tax time a lot smoother.
Stay on top of maintenance
Be prepared for suprises
Don't forget business expenses
