SMART TAX TIPS
TAKE ACTION NOW FOR THE FINANCIAL YEAR AHEAD BY BRADLEY BEER, B M T TA X D E P R E C I AT I O N
For most people, a new financial year means time to prepare an income tax return.
HERE ARE FIVE SMART TAX TIPS FOR THIS NEW FINANCIAL YEAR:
2. MAKE SURE YOU’RE CLAIMING ALL THE DEDUCTIONS YOU’RE ENTITLED TO
1. SPEAK TO YOUR FINANCIAL ADVISOR
As a property investor you’re
some extra tax) and then forget
If you haven’t spoken to your financial advisor in a while, make
depreciation.
about it until next tax time rolls around.
this financial year the time to do so.
For property investors, it has added
They’ll be able to assist in
meaning. It’s a great time to take
reviewing the performance of your
stock of how your investment is
investments and advise on whether
performing and set some things in
you should set new goals or adjust
place to ensure you’re in an even
your current investment strategy.
better position next tax time.
It’s also a great way to get a holistic
They’ll lodge their return, hopefully get a refund (or maybe have to pay
view of your finances, which can be hard to do on your own.
entitled to a range of tax deductions, one of which is
Considering depreciation often sees residential investors get an average of $5,000-10,000 in deductions in the first financial year alone, it’s important to take advantage of these deductions if you want success as an investor. Combined with all the other deductions you’re entitled to for your investment property, such as
A good accountant or financial advisor will also ensure you’re
repairs and property management fees, these deductions really do
claiming everything you’re entitled
add up and shouldn’t be overlooked.
to as an investor. Speaking of
Visit BMT’s tax depreciation
which....
calculator for an estimate of the deductions you may be entitled to.
C21 MARKET PULSE
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CENTURY 21
