Preparing for the End of Financial Year
As another financial year comes to a close, the time has come to review your current finances and set out your goals for the next 12 months.
If you’re looking for ways to maximise tax time, here are some tips to get you started.
For property investors
You need to start getting together all your statements for your investment property. If your property is managed by a real estate agency, your property manager can provide you with all relevant paperwork such as receipts for agent fees, insurance, body corporate levies, water and council rates, building work, as well as repairs and maintenance from throughout the year. This excludes, of course, any renovations that are improvements to your investment property.
All your motor vehicle and travel expenses relating to your investment can be claimed, and you can also claim interest paid on your home loan if the loan is specifically for your investment property. Your Mortgage Adviser can help you determine if you’re eligible for this.
Get in the habit of filing your receipts and recording your deductible expenses. Consider reviewing your home loan to work out if there are opportunities to save money - there might be a better interest rate out there for you, or perhaps you’re paying for features you don’t use.
Think about where you want to be financially in 12 months time. What debts would you like to pay off? What improvements would you like to make to your home? Are you interested in buying an investment property? When it comes to saving or spending, forward planning is key and your Adviser can help you put a plan in place.
For aspiring home buyers
If you want to buy property in the next 12 months, getting into good habits now can help you achieve your financial goals next year.
Firstly, work out how much you can comfortably borrow, and the amount you’ll need for a deposit. Then, look at your savings plan and adjust it if you need to save more money each month to reach your goals.
Again, you can get help from your Mortgage Adviser, who can look at all your options and put together a plan to help you get to a point where you’re in a position to buy.