Preparing for the End of Financial Year

It’s that time of year again!

As the end of the financial year approaches… property owners, here's how you can prepare and maximise your financial benefits. 🌟💰

1️⃣ Organise Your Documents: Gather all relevant financial documents, such as rental income statements, expense receipts, and property-related records.

2️⃣ Assess Property Improvements: Evaluate any improvements or renovations made to your property during the financial year. Keep track of expenses related to these upgrades as they may qualify for tax deductions or depreciation benefits.

3️⃣ Review Rental Income: Take a close look at your rental income and ensure you have accounted for all rent received.

4️⃣ Claim Deductible Expenses: Familiarise yourself with the deductible expenses you can claim, such as property management fees, repairs and maintenance, insurance premiums, council rates, and interest on loans.

5️⃣ Seek Professional Advice: Engage the services of a qualified accountant or tax advisor experienced in property-related matters.

At BlueChip Rentals we’ve made EOFY for our property owners simple and stress free. 📊 They receive an End of Financial Year Statement on the 1st of July, with all their property related income and expenses accounted for. Reach out if you have any questions relating to end of financial year for your investment property,💼💰