McGrath Surry Hills shares top 10 EOFY tips for landlords

As the end of the financial year approaches, McGrath Surry Hills has offered valuable advice to landlords on how to optimise their rental property investments.

Zac Morgan, Head of Property Management at McGrath Surry Hills, shared insights to help landlords navigate this period effectively, saying: “Understanding the opportunities available at the end of the financial year can significantly benefit landlords. By implementing strategic measures and staying informed, landlords can enhance their rental property returns and achieve long-term financial success.”

Morgan’s top 10 EOFY tips for landlords include:

1. Review rental income received throughout the financial year, including rent payments and any additional income streams.
2. Assess deductible expenses associated with the rental property, such as maintenance costs, property management fees, and insurance premiums.
3. Consider claiming depreciation on eligible assets within the rental property, such as building structures, fixtures, and fittings, to maximise tax deductions.
4. Ensure adequate insurance coverage for the rental property, including landlord insurance to protect against risks such as property damage, loss of rental income, and liability claims.
5. Maintain accurate records of rental-related expenses, income, and transactions to substantiate claims made during tax filing.
6. Seek advice from tax professionals or accountants specialising in rental property taxation to ensure compliance with tax regulations and maximise available deductions.
7. Evaluate potential improvements to the rental property that may qualify for tax deductions, such as renovations, upgrades, or energy-efficient installations.
8. Stay informed about rental market trends, including vacancy rates, rental yields, and tenant preferences, to make informed decisions about rental pricing and property management strategies.
9. Schedule regular inspections of the rental property to assess its condition, address maintenance issues promptly, and ensure tenant satisfaction.
10. Stay updated on changes to rental property laws, regulations, and taxation policies that may impact your investment, and seek professional guidance if necessary.

Morgan added: “By proactively managing their rental properties and leveraging available deductions, landlords can optimise their investment returns and build wealth over time. With careful planning and informed decision-making, landlords can achieve greater financial stability and success in the rental property market.”