Property Finance

End of financial year check list - are you claiming everything possible?

Published 12th June 2019Updated 25th May 2023

woman going through her end of financial year checklist
Related Posts
A brainstorming session among agency principals about driving sales leads from rent rolls
How To Generate Property Sales Leads From Your Rent Roll
new owner app :Different
:Different UpdatesProduct Update: Introducing Our Brand New Owner App
A man calculating a property maintenance price list
Property MaintenanceHere's How A Fair Property Maintenance Price List Looks Like

It’s coming up to the end of financial year (EoFY) and with tax time around the corner, investment property owners can claim quite a few things. Whilst best practice is to gather and retain receipts throughout the year, if you’re like most people, it can be a mad rush come tax time to pull everything together for your accountant.

One thing to note is that you should be accurate with all claims. The ATO has cracked down on rental claims over the past couple of years and will continue to do so this financial year.

Here are a few of the more obvious claims for property investors:

  • Property management fees: you’ll likely be shocked at how these add up over the year
  • Insurance: any landlord, public liability, contents or building insurance
  • Improvements on the property: all renovation work, upgraded appliances, new window furnishings etc
  • Interest: the interest on any loan for your investment property
  • Rates: both council and land rates

Don’t forget these less obvious claims for property investors:

  • Depreciation: you can claim depreciation on everything from flooring and appliances to blinds and furniture.

"It’s a really good idea to get in the habit of keeping on top of your investment property tax deductions and claiming what you are entitled to"

The role of your property manager during EoFY

Claiming for only one investment property may be seemingly straightforward, however for several properties the process can become very complicated. One way of simplifying the paperwork is to have your property manager organise and pay all contractors, rates and other expenses. That way, at the end of the financial year you will only have to hand over the Income & Expenditure report along with any loan and legal details.

It can be a shock to look over all the expenses you have paid out over the year. Especially your property management fees. If your management company takes a percentage that can really add up!

If your property has been unoccupied for an extended period of time during the year and you’re without rental income, you may be out of pocket by a lot. Something to consider for next financial year would be landlord insurance, a totally claimable expense.

It’s a really good idea to get in the habit of keeping on top of your investment property tax deductions and claiming what you are entitled to. Not only will it end up costing you less with your accountant (they charge top dollar to sort through a shoebox of receipts), you’ll stay in the ATO’s good books and increase your tax refund.

Disclaimer: The information provided on this blog is for general informational purposes only. All information is provided in good faith; however, we do not account for specific situations, facts or circumstances. As such, we make no representation or warranty of any kind whatsoever, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information presented.

This blog may also contain links to other sites or content belonging to or originating from third parties. We do not investigate or monitor such external links for accuracy, adequacy, validity, reliability, availability or completeness, and therefore, we shall not be liable and/or held responsible for any information contained therein.

CategoriesView all (+4)
Recent Posts
property investing strategies
Property InvestingHow to Invest in Property With Little Money
Property InvestingIs It A Good Time To Invest In Property? Here's How You Can Tell
io vs p&i
Property FinanceP&I or IO? - Best Loan Structure for Investment Property Explained

Ready to get more out of your rent roll?

Contact sales
Gain predictable cash flow
Retain full ownership and control
Scale your rent roll efficiently