Preparing for EOFY: Investor tips for Landlords

Preparing for EOFY: Investor tips for Landlords

As we move closer to the end of the financial year, it’s a good time to get organised and ensure everything is in place for a smooth tax season.

Whether you’ve been investing for a while or this is your first EOFY as a landlord, a little preparation now can make a real difference – and it’s never too early to set yourself up for the next one.

Here are a few key steps to help:

 

Gather Your Documentation 

Having everything ready will make it easier when it’s time to meet with your accountant – and reduce the risk of missing any claims.

Key documents to collect include:

– Your annual statement: this shows a breakdown of your income and expenses. If you haven’t received it, reach out to your property manager.

– Rates notices and water bills: you can usually download these from your local council and utility provider accounts.

– Insurance policy information: keep copies of your landlord and building insurance documents handy, along with any premium invoices.

– Maintenance invoices: save receipts for any repairs or maintenance carried out throughout the year.

– Property improvement receipts: if you’ve made improvements to the property (like new appliances or renovations), keep detailed receipts separate from general repairs.

If it feels a little last-minute this year, that’s okay. Setting up a simple folder – physical or digital – to drop these documents into throughout the year will make next EOFY so much easier.

 

Understand What You Can Claim

Investment properties come with a number of tax benefits – but knowing exactly what you can claim ensures you’re not leaving money on the table.

Common deductions include:

– Interest charged on your investment loan

– Property management fees

– Council rates and water charges

– Repairs and maintenance (but not initial improvements)

– Insurance premiums

– Depreciation on fittings, fixtures, and the building itself

To understand exactly what applies to your property, it’s worth sitting down with a qualified accountant who specialises in property investment. They can walk you through the deductions that apply now, and help you track the right expenses moving forward.

 

Consider a Depreciation Schedule

If you haven’t already organised a tax depreciation schedule, it’s something to consider – even if you feel like you’re late in the year.

A depreciation schedule is a report prepared by a qualified Quantity Surveyor that outlines how much you can claim each year for the wear and tear of the building and assets inside. It can lead to significant tax savings.

 

How to organise it:

– Reach out to a qualified Quantity Surveyor, such as BMT Tax Depreciation, who specialises in residential investment properties.

– They’ll arrange a site inspection or use property details to prepare your schedule.

– Once prepared, the report can be used year after year by your accountant to maximise your claims.

The cost of preparing the schedule is tax deductible too, adding further benefit.

 

Plan Ahead for the New Financial Year

EOFY isn’t just about wrapping up the year that’s been – it’s also an opportunity to plan ahead and make the next financial year even smoother.

Here’s how to get started:

– Review your rental income and expenses
Take a moment to compare your rental income against your property expenses. Are there areas where costs have crept up? Are you achieving market rent? Your property manager can help provide market comparisons and advice if needed.

– Identify upcoming maintenance to help avoid unexpected costs
Book a maintenance review with your property manager. They can help spot issues early – like ageing appliances, minor leaks, or external maintenance – so you can plan ahead and avoid emergency repairs that cost more down the line.

– Check that your insurances are still appropriate
Contact your insurance provider for a quick policy review. A specialist provider like Terri Scheer Insurance offers policies tailored specifically to investment properties. Make sure your coverage still matches your property’s value, rental income, and any changes you’ve made over the year.

– Set reminders to keep receipts and statements throughout the year
Set a simple monthly reminder to save copies of any relevant bills, statements, or receipts. Create a dedicated folder in your email inbox or cloud storage – and name files clearly (e.g., “Water Rates June 2025”) to save time later.

– Discuss strategies with your accountant to optimise returns

 

Rather than only speaking with your accountant at tax time, consider a mid-year check-in. They can suggest ways to maximise deductions, like prepaying expenses or adjusting your investment structure if needed.

A small amount of planning now can make next EOFY feel far less stressful – and can even help improve your investment returns along the way.

At Image Property, we’re here to support you at every stage of your investment journey – including making EOFY that little bit easier.

Whether you’re getting organised for this year or looking ahead to the next, we’re ready to help.