The End of the Financial Year is nearly here!

As the end of the financial year in Australia fast approaches, naturally our thoughts turn to all things tax, particularly if you own an investment property. More specifically, we start to wonder how to reduce the amount of tax the ATO would like us to pay…

One of the simplest ways to maximise your investment is to have a Tax Depreciation Schedule prepared for your property and there is still time to organise this, if you haven’t already done so. Many of our clients have had great success with reducing their taxable income significantly simply by having one of these reports prepared by a qualified quantity surveyor. Then there is the added bonus of being able to claim the cost to have it completed as a tax deduction. If you would like us to organise one on your behalf, please reach out - you won’t be disappointed and your Accountant will love you for it!

Also, in early July, we will prepare for you an EOFY Statement which provides a neat summary of the income received (and expenses paid) on your behalf by our agency during the 2021/22 Financial Year. However, if the transaction didn’t go through our office, unfortunately, it won’t appear on our summary so it is important to remember this when catching up with your Accountant.

And when you are gathering your information together, if you find you are missing a statement or a copy of an invoice, you can easily access this information by logging into your online portal. If you haven’t done this before and are unsure how to go about it, please contact our office and we will be more than happy to take you through the steps. It is super simple and you will be able to see all kinds of information about your investment ,which you may find useful.

Another thing to be aware of is that the Australian Taxation Office has introduced some pretty interesting technology over the last few years. Property Investors are now firmly on their radar and they are using “data matching” software to ensure that the information provided by owners regarding their investment properties is accurate. No-one wants to get on the bad side of the ATO so for those investors who are tempted to perhaps “get a little creative” our advice is, it simply isn’t worth it. They know everything!

That’s a wrap from us at Hatch Real Estate. Until next month, please stay safe and we will see you soon.