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15

June

2014

Tax Time

It is appropriate to mention a few things about our end of financial year processes. We will be doing our end of year disbursement on the evening of the 30th June 2014. Depending on your Bank, the funds will be in your account the following day or Wednesday the 2nd July.

//homerentals.com.au/sc/default/img/accountant%20(1).jpgOur disbursement also includes 2 statements. One will be PINK which will be your end of financial year statement to take to your accountant. This will be posted to everyone and will include any invoices that have been paid throughout the year on your behalf. The other statement will be the normal June statement and depending on your delivery mode, will be either emailed or posted.

Your accountant should know all the tax deductions that are allowable on your property(s). The following are all deductable against your property if you have incurred the expense. Please query your accountant if he has missed anything. Source is the Australian Tax Department.

 

 

 

Accountancy Charges,  

Advertising for tenants

Bank charges

Body corporate fees

Cleaning

Council rates

Electricity and Gas

Gardening and Lawn mowing

In-House audio/video service charges,

Building Insurance

Contents Insurance

Landlords Insurance

Interest on loans

 Land Tax

Legal expenses

 Lease costs

 Stamp Duty

Pest Control

Property agents Fees

Quantity surveyors fee

Repairs and Maintenance

Secretarial and Bookkeeping charges

Security patrol fees

Servicing costs

Stationary and postage

Telephone calls and rental  Tax related expenses

Travel and Car Expenses to view property

Rent collection

Inspection of the property

Maintenance of the property

Water Charges

 

 

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It is also important to note that you can pre-claim your tax deductions for the coming financial year 2014-2015. Many Investors wait until the end of the financial year to claim all these expenses. The government in the meantime has been using your money for the past year. By pre-claiming these expenses, your monthly tax will be reduced and so you will receive more take home pay. This in turn can help you pay for your investment mortgage or other related expenses.

 

The link below takes you to an electronic form on the ATO website. Once filled in, it will be sent to your employer who in turn will adjust your tax rate for your pay. PAYG withholding E-Variation

 

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