ADVICE to PROPERTY INVESTORS —-“TAX TIME IS ALMOST ON US AGAIN”
If you own a RENTAL PROPERTY it might be time to make some improvements to MINIMISE YOUR TAX and get some cash back.
SUPPLIED Property Maintenance has the capability to carry out repairs – but don’t leave it too late as many smart rental properties are already engaging repair organisations to meet the June 30 Deadline
For Tax purposes “REPAIRS” is work done to make good or repair damage or deterioration of the property
Examples the TAX Office offer are:
- Replacing Part of a Guttering or Windows Damaged in a Storm or just weather damaged over time.
- Replacing Part of a Fence damaged by a Fallen Tree Branch
- Repairing Electrical Appliances or Machinery
- Maintaining Plumbing
- Painting a rental property
- Routine cleaning ( eg House Washing or Driveway clean with high pressure power washers) something that is otherwise in good working condition. Window cleaning also qualifies
- Yard and Garden RESTORATIONS or general tidy up
Even if your property is currently tenanted, there may be things your tenant has requested recently that might be worth attending to right now.
If your property is vacant it is even a better time to carry out repairs. There is nothing worse for an agent to show a prospective tenant through saying there will be work done “once it is rented” and tenants never want to factor in tradesmen coming into a house after they have moved in.
Check with your agent (or tenant if you self manage) to see what needs attention and check with your financial advisor to see if those repairs will help you come tax time.
It is very important to keep your rental property well maintained through a tenancy because it will save you downtime when the tenants move out. Also if you were to put the property up FOR SALE your tenant will be questioned by potential buyers about what maintenance the house needs urgently – and that could COST
FOR MORE ADVICE Contact Supplied on 029543904 (Office) or 0475223136 (Mobile) or email firstname.lastname@example.org