Get EOFY Ready: A Checklist for Real Estate Investors with Bourkes
As we approach the end of the financial year, it’s essential to ensure that all your finances and properties are in order. Real estate investors need to be particularly mindful of their obligations to maximise their tax benefits while complying with the relevant laws and regulations. Here at Bourkes, we understand the importance of being well-prepared for EOFY. In this article, we will provide a checklist to help real estate investors in the City of South Perth and surrounding suburbs in Western Australia ensure that they are ready for EOFY.
- Review Your Finances
Before EOFY, it’s crucial to review your finances and ensure that everything is up to date. This includes your income, expenses, and bank statements. You should also review your rental income, mortgage payments, and other expenses related to your properties. If you have a property managed by Bourkes already, your property manager can help you attain some of these statements for review.
- Organise Your Paperwork
Now is the time to request an Annual Financial Statement from your property manager, detailing your income and expenses to make your accountant’s life all the more easier.
Keeping your paperwork organised is crucial, particularly when it comes to EOFY. Ensure that all of your receipts, bills, and other financial documents are well-organised and easily accessible. You should also keep a record of all your rental income, expenses, and depreciation.
- Claim All Your Deductions
As a real estate investor, you are entitled to a range of deductions that can reduce your taxable income. Some of the deductions you can claim include property management fees, repairs and maintenance costs, insurance, and travel expenses. Ensure you claim all the deductions you are entitled to, to maximise your tax benefits.
- Consider Prepaying Expenses
If you have any expenses that are due after EOFY, consider prepaying them before 30 June. By doing so, you can claim a deduction in the current financial year and reduce your taxable income.
- Get Professional Advice
Real estate investment can be complex, and tax laws and regulations can change from year to year. To ensure that you are well-prepared for EOFY, it’s important to seek professional advice from a tax expert or an accountant. They can provide you with the latest information on tax laws and regulations and help you maximise your tax benefits. You may also wish to check whether it is possible to write off a large capital expense if you’ve made one this financial year.
By following the checklist above, you can ensure that your finances and properties are in order and that you are taking advantage of all the tax benefits available to you. Remember to stay organised, claim all your deductions, consider prepaying expenses, and seek professional advice.
At Bourkes, we understand the complexities of real estate and the importance of being well-prepared for EOFY. Our team of experts is here to assist you with all your real estate needs, from property management to buying and selling. Contact us today to learn more about how we can help you maximise your investments and achieve your goals or provide a complimentary property appraisal to empower your decision-making this financial year.