Pre-tax time checklist for property investors

If you’re like most property investors, trawling through boxes of receipts to tally up your allowable deductions is probably not your idea of fun. So, how can you make tax time a little easier? 

Here’s our pre-tax time checklist. 

1. Gather all your documents in one place

The earlier you get organised, the less painful tax time will be.  

To get started, gather up all the paperwork your accountant may need, from private health insurance info to rental income statements. 

If you haven’t already been storing your receipts electronically, now is the time to change that. There are loads of apps and tools to digitise your receipts, so that they are all ready to go come tax time next financial year. Tracking your spending is also a great way to take control of your money.  

Keep in mind the ATO still recommends you keep a back-up of all your digital records. 

2. Tally up your allowable deductions

There are all sorts of deductions you may be able to claim on your tax return. Head on over to the ATO website to find out more. 

If, like many Aussies, you had to work remotely last year, there may be good news for you. There are various home expenses you may be able to claim. 

Investment properties owners can also claim expenses such as advertising for tenants, council rates, water bills, maintenance and loads more. The ATO website has more details.   

The ATO’s Guide for rental property owners, Rental properties 2021, may also be useful in helping you to understand tax deductions for property investors.

3. Determine your assessable income 

Assessable income can come from a range of different sources. Examples include salary and wages, allowances, interest from bank accounts, dividends and other income from investments, bonuses and overtime payments, commissions, pensions and rent. 

It’s a good idea to make note of all your assessable income and your allowable deductions in a spreadsheet or similar online tool, so that it’s in one easy location for your accountant.

4. Book in with your accountant 

At this time of year, accountants are more popular than ice-cream on a 34-degree day. A word to the wise: book in early. 

And if you’re thinking of doing your tax on your own, we’d recommend you reconsider. A tax accountant is an expert who can help save you time and money, as they’ll know exactly what deductions you qualify for and ensure nothing gets missed.

5. Review your finances and plan for the year ahead 

You’re in the thick of going through your finances now, so you may as well review them and plan for the year ahead. 

If you haven’t given your loan a health-check in a while, speak to us and we’ll make sure your mortgage is still right for your needs. 

Think about how you’d do things differently in the new financial year. Maybe you’d like to start a savings plan using an offset account or redraw facility for a big-ticket purchase like another investment property? 

Perhaps you could tackle your debt or use your equity to build your investment property portfolio.  

Whatever your financial goals are, we are here to help you achieve them. Get in touch today.

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A word from our satisfied customers

Maxine Zhong
Maxine Zhong
19 October 2023
Amanda has been such an incredible support throughout our very first time going through the home loan process. Her thoughtfulness to regularly check in to make sure all our questions were answered and that all our documents were in place helped to make the whole daunting process feel seamless and easy. I could not recommend her enough - she made sure to keep us informed every step of the way and made sure all necessary documents/processes were completed well ahead of time so we never had to worry about missing any steps. She went well above and beyond her role, and I know we will definitely be coming back to her in the future, as well as recommending her to all of our networks! Thank you again, Amanda!
Mark Nesbitt
Mark Nesbitt
11 October 2023
Greg and the team provide an outstanding service. Highly recommended
Christine Tran
Christine Tran
23 September 2023
Yuval handled my first ever home loan, he did such an amazing job I asked to him to refinance for me 2 years later. Yuval made everything very easy for me, and will give his best recommendation as if it was his own. Would always recommend Yuval :)
David Petrini
David Petrini
25 August 2023
Yuval Bloomfield was an absolute delight to work with. He made it extremely easy for my clients to discuss about their financial situation. With Yuval's strong connections he was able to get the loan my clients wanted in very quick time. Will definitely refer Yuval again.
Sophie Linehan
Sophie Linehan
24 August 2023
Greg and the team at 1st Street were fantastic all the way through the process of getting our financing sorted and buying a new home. They not only secured us the most competitive mortgage in the market but they also gave advice on a number of mortgage-adjacent questions that came up along the way. Their responsive and thoughtful guidance helped make the nail-biting process clear and calm. We would definitely recommend their services.
Gabrielle Scott-Jones
Gabrielle Scott-Jones
18 August 2023
Greg and his team gave me exceptional advice and support. They were timely and detailed in their responses and dealt patiently with me as a first home buyer and all of my questions. The lender at the bank commented on how well I was being looked after compared with other brokers in the market. I’d highly recommend 1st Street to anyone, including friends and family.
Eli Simic
Eli Simic
15 August 2023
Great communication and fast service
Richard Kuipers
Richard Kuipers
11 August 2023
Jeremy and his team are superb. Negotiated the best deal for us and were an absolure pleasure to work with. Highly recommended, you can't do any better in my opinion.
Jordan Rivkin
Jordan Rivkin
1 August 2023
The team at 1st Street truly are professionals. I can't recommend Jeremy highly enough, he is extremely competent and just a great guy. You're in safe hands with 1st Street!
Yossi Bengida
Yossi Bengida
23 July 2023
Another amazing job by David and Bree. Always available for our questions, helpful and just 10/10 Seriously good work !! See you on the next one :) Yossi and liz