At Nieuvision we are Investor Property specialist. We even hold our own property portfolio. When you go to your accountant this year, don’t be afraid to ask them their thoughts on property. Have they got a portfolio or do they invest in property? If so how long have they been investing?
If they don’t have their own portfolio how many Investment Property returns do they complete and how long have they been doing those returns for? If they don’t answer these questions correctly you need to ask yourself is this person the right fit for your tax return.
There is nothing wrong with interviewing your Accountant, at the end of the day it’s their job to reduce your income, if they don’t specialise in property are they going to cost you money? Sometimes there is more to a fee also, cheaper isn’t always better, what you save in fee’s you could lose in potential deductions.
When it comes to claiming expenses it’s best to be organized. Bring in your purchase contract, have your settlement statement ready as there are charges claimable, don’t forget your depreciation report. If it’s a block of land with no property don’t forget the interest is tax deductible. There are many deductions that you can claim, also sizable asset replacements could require the item to be depreciated so keep those invoices over $300 close by.
Our clients get provided a checklist so nothing is omitted, they are readily available from us if you need some guidance.
Good luck this tax season.