4 tax-deductible benefits to make before 1 July

It’s that time again!

With the end of year just around the corner, now is the time to start thinking about what you’ve spent over the past year and gather paperwork and receipts.

If you’re looking to make the most of tax deductions in the last financial year, there is still some time before 1 July to spend some money! And we’re not talking just about on your investment property.

There are other ways you may be able to reduce your tax bill.

Here are some tax-deductible benefits you may consider if you’re looking for claimable deductions before 1 July:

Your investment property

  • Repairs and maintenance

As well as costs associated with any repairs, you may also be able to claim on maintenance items such as pest control, gardening and decorating. Check with your property manager to see if there is anything extra you can do.

And it won’t be just you who will benefit; your tenants will thank you for it too!

  • Building depreciation plus depreciation of fittings

The legislation changed on this a couple of years ago, but you may be eligible for depreciation on any new fixtures you may have bought like ovens, carpets and hot water system. Check with your accountant as it may be worth you paying a quantity surveyor to do a depreciation schedule for you; as an added bonus, the quantity surveyor’s fees will also be tax deductible.

Other tax deductions

  • Give to charity

If you have a favourite cause, give something back. As well as helping a worthy cause, you’ll also be able to claim the donation against your tax.

  • Pay into your super

Consider giving your superannuation a boost. Voluntary contributions are tax deductible and if you make a contribution before 30 June, you can claim against them in this financial year.

There are some limitations in place, so check with your tax accountant or the ATO. It might also be worth checking if you are eligible for a co-contribution from the federal government too.

Check the tax office website – www.ato.gov.au – for more information about tax returns and for what you can and can’t claim for, or give your accountant a call. Your accountant will clarify any queries, and may give you more tax-deductible suggestions for your personal circumstances.

We’re always looking at ways in which your property investment can work for you, so if you’re keen to learn more about property investment, how it works and what to look out for, get in touch with us. We are also one of Newcastle’s longest established real estate offices and our talented team would love to share its knowledge with you and help you realise your financial dreams through property.

Give us a call on 02 4956 9777, send us an email to mail@newcastlepropertymanagement.com.au or pop into our Cardiff office for a chat.

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