TaxTank founder Nicole Kelly said the survey showed property investors were navigating a fast-moving and constantly changing property landscape, and being pushed to make financial decisions they may not have considered only 12 months ago.“This is putting many taxpayers in difficult situations, where they need to simultaneously weigh up the pros and cons of managing a property with the realities of needing to pay larger monthly bills amid an uncertain economic backdrop,” Ms Kelly said.
“The increased power given to the ATO and their increased scrutiny of property investors is clearly creating significant concern and stress,” Ms Kelly said. A new survey has found property investors are stressed in the lead up to tax time given industry conditions.Property investors should consult their accountants regarding eligibility for a PAYG tax variation for their investment properties.
These professionals specialise in identifying depreciable assets and determining their values. By leveraging their expertise, landlords can maximise their tax deductions and generate substantial savings.To optimise tax returns, property investors should familiarise themselves with the various tax deductions available to them.
Repairs are considered expenses incurred to restore a property to its original condition, such as fixing a broken window or repairing plumbing issues.Proactive planning for property maintenance and repairs is essential for investors.