Article Display Page

15

June

2015

Tax time and end of year process

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 2015. Depending on your Bank, the funds will be in your account the following day or Thursday the 2nd July.

Our 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 investment loans Land tax Legal expenses Lease costs
Stamp duty Pest control Property agent fees Quantity surveyor fees
Repairs and maintenance Secretarial and Bookkeeping charges Security patrols 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  

 


 

It is also important to note that you can pre-claim your tax deductions for the coming financial year 2015-2016. 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 the ATO website for 

PAYG withholding variation for individuals  where you fill in an online application

 

 

Social Sharing: