IS YOUR MISSION BEACH INVESTMENT PROPERTY READY FOR TAX TIME?
June 10, 2019
It is that time of year when we need to start thinking about our claims on our Mission Beach investment properties.
Being prepared at tax time offers many benefits. It not only reduces what your accountant charges, it enables your return to be processed quickly, thereby allowing future lenders to access your up to date financials and approve your next Mission Beach real estate purchase faster.
Here are some important tips to maximise your deductions for this Financial Year on your Mission Beach real estate property.
- BE READY
Make sure you have evidence of all income derived from the property, all mortgage interest charges and can substantiate every single expense.
Your Mission Beach property manager should provide you a detailed End Of Year Statement within the first couple of weeks of July.
If you have paid your Cassowary Coast Council Rates, your Strata levies, your Building Insurance directly, Depreciation Schedule then make sure you have copies of all these for your accountant.
For those who have sold their Mission Beach property in this financial year, then make sure you have a copy of your Contract of Sale, your Solicitor/ Conveyancers Settlement break down showing their fees, final rates, levies etc.
Your selling Mission Beach agent should also have supplied you with the settlement letter showing the commission amount paid, advertising amount and any other costs applicable to the sale.
- PLAN AHEAD
Had any repairs or maintenance that have been put off for that rainy day?
If you have visited Mission Beach to inspect your property before the 30th June or if your property manager has advised of repairs that need to be attended to, then consider having these completed and paid for prior to the end of June to claim them, as time is running out.
- BE PROACTIVE
Depreciation is the natural wear and tear that occurs to a building and assets over time.
They say a staggering 80% of property investors are missing out or are not maximising the claims and you could be missing out on thousands of dollars by not taking advantage of having your Mission Beach Property assessed.
Engage a Quantity Surveyor to prepare a Comprehensive Depreciation Schedule for your home, apartment or commercial real estate property.
They understand the tax laws and can find any depreciation available, even prior to this current year.
They also offer a service fee guarantee so you can not lose there.
Bradley Beer, is the BMT Tax Depreciation and Quantity Surveyors that service the Mission Beach area.
You can contact them at firstname.lastname@example.org