Be prepared for the end of Financial Year!

We are fast approaching the end of the financial year once again. Remember that this is an extremely busy time, not just for you but your Property Manager, Accountant, Financial Advisor etc.

Being prepared well in advance and not leaving things to the last minute will ensure you are in the best position to claim back all that you can.

Start collating all your receipts, records of maintenance, end of month statements and relevant documentation now, leaving time to chase up any missing documentation. Book your accountant or tax agent in advance and arrange for your depreciation schedule in advance.

Use this time also as an opportunity to review the capital value of your investment! Are there any repairs or upgrades that could be undertaken to improve the value of your investment? Organise for quotes and repairs now and try to have any works completed before the end of financial year so they can be claimed in this financial period.

Once you have reviewed the quotes and decided on what to proceed with, try renegotiating a new tenancy agreement with your tenant. Are you able to increase their rent as a result of these improvements, keeping within market rent? Extend the length of their fixed term lease and ensure that you are protected!