How to Prepare for Tax Time as a Property Investor in Adelaide

When it’s time to talk tax, the best thing you can do is get organised. Why? Because it can cost you a pretty penny if you’re not! Here’s how to make tax time easier.

When push comes to shove, there’s two main things to get right when you’re completing a tax return for your investment property - declaring your income and claiming your expenses. Sounds simple, right?

And it is!

But if you’ve bit slack on keeping all your documentation together over the year, it can get a little tricky trying to work out what your income and expenses actually are - and you may even miss out on some valuable deductions!

So you can start to prepare for that meeting with your tax agent, here’s a quick checklist of what they’ll ask for:

- Property Management End of Financial Year Statement (supplied by your property manager)

- BAS Statement

- Depreciation Schedule

- Tax Invoices

And don’t forget - many 3rd party expenses can also be claimed, so make sure to include things like contractor, council rates & insurance invoices too.

Having these things ready beforehand means you’ll be on your way to receiving the best tax return possible - and impressing your accountant.

Remember, with a little preparation & organisation, tax time doesn’t have to be scary!

All advice provided here is general in nature. To ensure accuracy, we strongly recommend seeking independent, professional advice tailored to your specific situation.

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