My 7 tips for getting the most from your investment properties

FBL Consulting Services

Published on: 07 October, 2018 by Foster Lee


1. Keep the investment property in good condition at all times by attending to repairs promptly. Make improvements where required. Take the attitude that you may want to move into it one day. This will all add to increase the ultimate value of the investment property.

2. Do not treat your investment property as a hobby.

3. Maximise all rental tax deductions. Just ask for my specially prepared rental tax deduction check-list. Have a Quantity Surveyor prepare a Depreciation Report (for tax purposes) as soon as possible after the purchase.

4. Have small reasonable increases in rent annually to ensure that they are at market compatible rates and to cover prices rises in rental expenses. This must be written in the Landlord/Tenant Rental Agreement which a property manager will prepare for you. Also clearly state the terms and conditions that the tenant must adhere to and particular what expenses the tenant is responsible for.

5. Make it a point .to occasionally visit your investment property and speak with the properly manager on its well-being, etc.

6. Ensure that you promptly receive a three (3) monthly Inspection Report from your property manager. At the end of a financial year, your property manager will be able to easily print out a Summary Tax Statement for your tax accountant.....me!

7. Vital/useful websites for you to visit

www.ato.gov.au/propertv
www.propertvinvestorplanning.com.au
www.apirnagazine.com.au
www.where-to-invest.com.au



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About Foster Lee

Foster is a specialist in aspects of income tax, from the individual to companies and family discretionary and/or unit trusts, bringing together those over thirty (30) years of experience.

He prides himself on quality work at a very value-based fee, meeting the needs of all his clients on a timely, accurate and meaningful basis to protect them. His easy, approachable manner and personalised attention makes all the difference and Foster’s experience in the management of people and their skills is an advantage to you. He genuinely has your interest at heart to maximise your financial/business goals and objectives.

Specially tailored fees can be structured to suit your personal needs and circumstances.