8 Tax Tips for End of Financial Year Property Investment Planning
The end of the financial year is almost here, so it’s time to think about what needs to be done prior to June 30 and what strategies can be implemented to get the most out of your tax year.
- You may need to purchase a property before June 30, perhaps for an SMSF purchase. Using a buyer’s agent is a great way to source good quality, suitable investment to suit your investment strategy.
- If you have a geared investment consider pre-paying next year’s bank interest to gain an immediate tax deduction benefit.
- Get a deduction this financial year by pre-paying next year’s insurance premiums (building, landlord insurance, etc)
- Pay tax-deductible expenses in this financial year.
- If you have an investment property, consider doing minor repairs and maintenance prior to the end of the financial year so you can claim the costs.
- Your investments will move around in value and you may be sitting on some paper losses from shares or other investments. This could be a good time to sell some of your poor performers to offset against capital gains made on the sale of other investments over the past 12 months. Using a vendor advocate to sell property is a way to obtain independent advice and maximise your selling strategy. They will even liaise with the real estate agents on your behalf.
- If clients have multiple properties in their SMSF and need to sell one or more, this may need to be done this financial year.
- Make donations
Obtaining sound financial, property, taxation and investment advice is highly recommended to implement any of the above strategies. Ensure you have a buyer and vendor agent, a financial advisor and an accountant in your team of professionals.
For more information on buying property in Brisbane, contact us.
