Friday, May 29 2015
With the end of the financial year fast approaching it's important not only to ensure you don't overstate your deductions but equally ensure you are not missing out on legitimate claims. Here's some common mistakes.
Not using an accountant who understands property
Using the right accountant is extremely valuable. Using an accountant that full understand property investment is critical to ensure your complete structure is tax-efficient and you ae optimising your legitimate deductions.
The reality is, you should actually be talking to your accountant before you invest in the first place, as the incorrect approach and structure can translate into the loss of thousands of dollars that you would have been able to access.
Seeking advice after you have already purchased a property is really a bit late in the game. A good accountant will be able to identify all the things you did wrong but you are not really going to be able to fix it. At least not without significant expense.
Paying down tax-deductible debt before non-deductible debt
No depreciation schedule
Trying to claim expenses you can’t
Keeping the right records
By keeping all of these documents handy, it will be a lot easier to make accurate calculations and enlist the help of a tax professional.