Maximise your tax returns
With July 1 just around the corner, now’s the time to review where your finances are at and where you’d like to be in 12 months time.
Getting your house in order? Consider these tips to get the most out of tax time.
Do you own an investment property? Get organised in the next few weeks and you’ll maximise your investment returns. Book in any minor works or repairs you’ve been putting off, and claim the expenses this financial year. Make sure you include a fire alarm inspection on your list.
Gather statements from your property manager and receipts for repairs, building work, insurance, body corporate levies, rates and water from throughout the year.
Organise a depreciation schedule if you don’t already have one. As a building gets older and items wear out – they depreciate. The Australian Taxation Office (ATO) allows property investors to claim depreciation as a tax deduction. For years to come depreciation will be something you can claim for without spending money.
Do you run your own business? If you’re self-employed, it’s an important time to review your overheads and work out where you can save money. Make an appointment to catch up with me to review your loan interest commitments and see where you can save even more.
You can also speak to your accountant or financial advisor about opportunities to pay expenses in advance. Paying forward your Superannuation guarantee payments, equipment and stationery materials means you can claim them this financial year to offset profits.
If you’re self-employed and thinking about buying a home or investment property, it’s a great time to discover your borrowing power and loan options. The way lenders review self-employed income has changed, so understanding your figures and forward planning is critical. I can help you navigate which lender is right for you, as well as vehicle and equipment lending.
Getting ahead of your finances. What you can do this year to set yourself up for tax time in 2015 Getting into good habits now will help you achieve your financial goals next year.
Start some new practices to help you can save money, reach your goals and maximise your next round of tax returns. Here are my top three tips:
- If you want to buy property in the next 12 months work out how much you can borrow and the amount of deposit you’ll need so you can start preparing
- Get in the habit of filing receipts, invoices and recording your deductible expenses
- If you’re currently paying a mortgage, organise a review to work out if there are opportunities to save money - there might be a better interest rate out there for you, or perhaps you’re paying for features you don’t use.
Think about where do you want to be financially in 12 months time. Do you want to pay your credit card debt off? Complete your home renovations? Are you interested in buying an investment property? Forward planning is critical when it comes to saving or spending money and the best place to start is understanding your options. I’ll talk you through your options and put together a plan to achieve your goals.