EOFY Is Almost Here: A Landlord’s Guide to Tax Time Preparation

With the end of the financial year fast approaching, now is the perfect time for property investors to start preparing their records and maximising the deductions available on their investment property. A little preparation before 30 June can save time, reduce stress, and help ensure you have everything your accountant needs to complete your tax return accurately.

What Documents Should Landlords Gather?

To make tax time as smooth as possible, we recommend collecting the following documents before EOFY:

• Annual rental income summary
• Property management statements
• Loan interest statements
• Depreciation schedule
• Council and water rate notices
• Landlord insurance invoices
• Body corporate or strata levies (if applicable)
• Records of repairs and maintenance completed during the financial year
• Invoices for any property-related expenses

If Your Property Team manages your investment property, many of these records can be accessed directly through your owner portal, – Property Me,  making EOFY preparation much easier.

Understanding What You May Be Able to Claim

Many of the costs associated with owning and maintaining an investment property may be tax deductible. Common examples include:

• Property management fees
• Advertising for tenants
• Loan interest
• Landlord insurance
• Council and water rates
• Body corporate fees
• Repairs and maintenance
• Cleaning and gardening expenses
• Smoke alarm compliance and routine servicing costs

It’s important to understand the difference between repairs and improvements.

Generally, repairs and maintenance that keep the property in a rentable condition may be deductible in the current financial year. Improvements or renovations that increase the property’s value are typically treated as capital expenses and claimed differently over time.

EOFY Tips for Property Investors

To help make tax time simple and stress-free:

• Download Your Statements Early: Don’t wait until the last minute. Ensure you have downloaded all relevant financial reports and documents before 30 June.
• Keep Digital Copies of Receipts: Storing invoices and receipts electronically throughout the year makes record keeping much easier and helps support any claims.
• Review Recent Property Upgrades: If you’ve completed renovations, installed new appliances, or undertaken significant improvements, speak with your accountant about updating your depreciation schedule.
• Speak With Your Accountant: Every investor’s circumstances are different. A qualified accountant can help ensure you are claiming correctly and making the most of the deductions available to you.

How Your Property Team Can Help

At Your Property Team, we’re committed to making investment property ownership as straightforward as possible. Our owners have access to detailed financial reporting, end-of-financial-year statements, and ongoing support throughout the year to help simplify tax time.

If you need assistance accessing your reports or have questions about your property’s financial records, our team is always here to help.

Disclaimer: This article contains general information only and does not constitute financial, taxation, or legal advice. Property investors should seek advice from a qualified accountant or tax professional regarding their individual circumstances.