EOFY is almost here: Being Prepared for Tax Time
As the End of Financial Year (EOFY) approaches, it’s the perfect time for landlords to get organised and make sure you're claiming every dollar you’re entitled to. A key part of this preparation? Ensuring your depreciation schedule is up to date.
What is a Depreciation Schedule — and Why Does it Matter?
Property depreciation is one of the most powerful (and often overlooked) tools landlords have to reduce taxable income. It allows you to claim deductions for the wear and tear on both the building structure and the plant and equipment within your investment property.
A professionally prepared Tax Depreciation Schedule can translate into thousands of dollars in deductions each year — particularly in the early years of ownership.
Who Should Have One?
If your investment property was built after 1987 or has had renovations/improvements done (by you or previous owners), it’s worth having a depreciation schedule completed. Even older properties can offer valuable deductions — especially on renovations or fixtures.
Why Now?
EOFY is the ideal time to:
- Review your current depreciation schedule (if you have one).
- Arrange for a quantity surveyor to prepare a new schedule if you don’t.
- Pass the report to your accountant to help maximise your tax return.
- Once prepared, a depreciation schedule typically lasts the lifetime of the property and can be used by your accountant every year.
Other EOFY Tips for Landlords
- Organise receipts for repairs, maintenance, and upgrades — these can often be claimed.
- Ensure all rental income and expenses are clearly documented.
- Speak with your property manager about any prepaid expenses or interest payments that could be brought forward.
Being prepared at tax time isn’t just about compliance — it’s about making your investment work harder for you. If you need recommendations for trusted quantity surveyors or want help compiling your EOFY documentation, our team is here to assist.
Let’s make this EOFY your most rewarding yet!