Don’t just guess, claim what’s yours

From management fees to maintenance, advertising to leasing, if you’ve spent money on your investment property, chances are it’s claimable. Yet many rental providers still leave dollars on the table.

That could be due to unclear records, a lack of tax advice – or simply not knowing what’s allowed.

‘There’s often a big focus on mortgage interest,’ says Anthony, ‘but other items like safety checks, marketing fees or repairs can stack up significantly, especially in times like these, where every dollar counts, it’s vital to ensure you’re actively claiming all your available deductions.’

‘Exactly,’ Jenny agrees. ‘Every extra dollar you claim is one less dollar you’re taxed on.’

The takeaway? Track it all. Ask your property manager if you’re unsure, and always check with your accountant or tax adviser to lock in what applies to you.
 

Don’t undervalue – or underutilise – depreciation

One of the biggest missed opportunities at tax time? Depreciation schedules.

‘Our data indicates that some property owners may not be utilising some of the tax depreciation available to them,’ Anthony shares.

And, in fact, a lot of owners may not even know it exists.

‘A lot of rental providers don’t realise they can still claim depreciation on older properties – especially if they’ve made upgrades,’ says Jenny. ‘New bathroom? Kitchen renovation? Home extension? These are all opportunities for deductions.’

Even if your carpet’s old or your blinds have seen better days, don’t rule out getting a schedule done. You’d be surprised by what you can claim.

‘First-time investors are also often not aware that they can get a tax depreciation schedule – but we couldn’t recommend it enough,’ Jenny explains. ‘So, if that’s you, please consider seeking advice.’

The rule of thumb? ‘Engage a reputable depreciation company or surveyor, and ask your accountant to take it from there,’ Anthony says.

Depreciation isn’t just for shiny new builds. And it’s not something to put off until next year – you need to consider it now.

Let the Gary Peer portal do the heavy lifting

Let’s be real: most of us aren’t doing our taxes between 9 and 5. It happens late at night or on the weekend, while you and your accountant are chasing documents and on the hunt for that one missing invoice.

That’s where the Gary Peer portal comes in.

‘With 24/7 access to your rental property’s statements, expenses and end-of-financial-year summaries, you’ll have everything you need in just a few clicks,’ Anthony shares.

‘Our software portal, called Property Me, gives renters and rental providers instant and easy access to all data.’

And come early July? We’ll be sending through a copy of the end-of-financial-year record from the last 12 months.

‘If you’re not already using the portal, reach out to your property manager,’ Jenny advises. ‘We can set you up quickly, and it’ll save you heaps of time come July – and during the year.’

No more chasing. No more paper trails. Just clarity – on demand.

Sort out your records (before the panic sets in)

Okay, so you’ve located where your documents are.

Next on your to-do list? Sorting through it all ahead of time – to avoid the classic tax-time scramble.

‘Start reviewing your property-related expenses now,’ Anthony says. ‘Anything you’ve paid over the past year – from water bills to council rates – should be accounted for.’

The earlier you start, the smoother the process. And if something’s missing? Your property manager can help.

‘Remember that your property manager is here to support you and will always be able to assist should you need it,’ Jenny assures.

But don’t dawdle. This is the calm before the storm – use this time wisely.

Beware the 1 July regret

A tip our team can’t stress enough? Timing matters.

‘Too many clients carry out repairs or renovations in early July – just missing the tax deduction deadline for the previous financial year,’ Anthony says.

‘So, if you’re already planning work, try to get it done before 30 June,’ Jenny continues. ‘Otherwise, you’ll be waiting another 12 months to benefit from the deduction.’

Even better, have a quick chat with your accountant now. A simple shift in your timing could make a huge difference to your return, and help you prepare for the tax year ahead.

New costs? Claim them too

A lot has changed in the past few years – particularly when it comes to compliance.

Things like gas, electrical and smoke alarm safety checks are now part and parcel of being a rental provider. But that also means they’re legitimate property expenses and fully claimable.

‘These are costs that didn’t even exist 5 years ago,’ Jenny points out. ‘So, if you’ve paid for them, make sure they’re included in your tax return.’

Bottom line: Is the expense related to the upkeep, safety or management of your investment property? Then it likely counts.

Tax time is also planning time

One last thing to leave you with? Tax time isn’t just about looking back. It’s also a smart time to plan ahead.

‘Your accountant may suggest carrying out improvements now to benefit from deductions this year,’ Anthony explains. ‘Or maybe spacing certain expenses out so you’re not hit all at once.’

Some owners are also paying land tax for the first time – which, yes, is deductible. But it’s another reason to be proactive rather than reactive.

‘Use tax time as a checkpoint,’ says Jenny. ‘Summarise the past 12 months and work with your accountant and property manager to map out the next 12.’

And now’s as good a time as any!

Wondering whether you’re making the most out of your investment? Request an appraisal with our team today.