Speak to an Accountant
As a landlord, you have many tax obligations. Speak to an accountant to make sure you’re meeting your commitments and claiming all possible deductions. Your account or tax agent can ensure you’re doing everything right come tax time.
Your accountant can also help you create a depreciation schedule and determine the expenses you can claim.
Overall, a qualified account should be able to help you:
- Understand your tax obligations as a landlord
- Create a depreciation schedule
- Work out which expenses you can claim
- Answer any tax-related questions you have
- Prepare and lodge your tax return
Contact Your Property Manager
Your property manager will have a good understanding of your rental property and the expenses you can claim. They can also provide you with receipts for any fees you have incurred.
You can also discuss rental prices with your property manager. They can give you an idea of how much rent you should be charging. You’ll want to ensure you’re aligned with the current market.
Create an income and expenditure report that you can use to track your rental income and expenses. Tracking will make it easier to see how much money you’re making (or losing) with your property manager.
Consider Small Home Improvements
Making minor home improvements can be a great way to add value to your property. Renovation work also makes your property more attractive to potential tenants. It allows you to fix anything the previous tenants have damaged.
Some basic home improvement ideas include:
- Painting the walls
- Installing new light fixtures
- Replacing old carpet
- Adding shelving or storage units
These are just a few ideas, so talk to your property manager about which improvements could be beneficial for your property. Adding value to your property through these improvements can also help you when you want to sell.
Get Familiar with Tax Regulations and Review Insurances
As a landlord, you need to review your insurance regularly. You should evaluate your insurance policies every year to verify they’re still relevant. You may need to adjust them as your property or the market changes.
You should also consider any new or updated tax regulations. These changes can be complex, so it’s wise to discuss them with an accountant.
Active Agents is a trusted resource for rentals. Our experienced team is always on hand to answer any questions you have. Call us on 1300 141 446 to get started.