Me – “2019 has been one of the craziest we’ve seen with the Royal Commission, Election, Protests across the world and even a fire destroying the Notre-Dame.. We’ve seen it all!”
COVID in 2020 – “Hold My Beer!”
Yes the 2020 financial year has certainly been a crazy one, although life still goes on, and preparing for the 2020 tax year certainly doesn’t get any easier. We believe it’s more important than ever to talk to an accountant (if you don’t have one) to ensure you are getting as many deductions as possible, especially if you are a property owner.
It’s also important to be aware of what your potentially claimable expenses on your investment property(s) are, so to help you prepare, we’ve included some of these below for you;
- Depreciation – This is a massive one.. If you haven’t completed one already, make sure you carry out a depreciation report (quantity surveyors report) on your property as well as any new items you may have purchased (appliances, blinds, flooring etc..)
- Rates – This includes council and water rates (even if your tenant pays for the water usage)
- Property Management Fees – This will show on your rental statements, so have these handy along with your end of financial year summary from your property manager
- Insurance – Including any insurance paid on your property – Building, Public liability, landlord etc.. Did you know you might be able to claim mortgage insurance on your loan over 5 years if it was for investment purposes?
- Interest – On any loans you used to purchase the property
- Other ongoing expenses (repairs, improvements, maintenance etc..)
It’s important to keep in mind that not all accountants are the same. Spending a little more on a good accountant could save you more in the long run. If you don’t have a good accountant, please let us know and we can put you in touch with someone!
Disclaimer – . The information is not intended as legal, accounting, financial or tax advice. Whilst every effort has been made to ensure accuracy, information contained in this email may not be complete, may have changed or may not be relevant to or appropriate for your circumstances. Readers must not use the information without seeking professional advice. Peasy Pty Ltd Trading as Peasy and its employees and directors are not liable to you or anyone else for decisions or actions resulting from placing reliance on the information contained in the email.