The end of the financial year is fast approaching. And for property investors, this means getting organised: assessing your investment performance and preparing your receipts for the lodgement of your tax return.
Whether you own one rental property or several, the key to a smooth EOYF is organisation. No property investor wants to pay their tax accountant to sift through a shoebox full of receipts.
Get organised, and give your accountant a well prepared financial record and summary of any expenses. If you misplace a receipt or invoice, the ATO allows you to substantiate your claims with a bank statement. This preparation will cut down on their time and also your bill.
But before property investors prepare their records and get their receipts in order, they first need to know what they can claim as an expense.