Top 5 EOFY Property Management Tips to Save You Thousands
As the end of the financial year (EOFY) approaches, property investors in Queensland have a prime opportunity to maximise their returns and save on taxes. The EOFY is not just a deadline; it’s a chance to get your financial house in order and ensure you're making the most out of your investments. Here are our top 5 end of financial year property management tips to help you save thousands.
1. Maximise Your Tax Deductions
Understanding Tax Deductions
Tax deductions can significantly reduce your taxable income, but it’s essential to know what you can and can’t claim. Here are some common deductions you should be aware of:
- Maintenance and Repairs: Immediate repairs like fixing a leaky tap are deductible, but improvements like installing a new kitchen are capitalised and depreciated over time.
- Depreciation: If you have a newer property or recently renovated one, getting a depreciation schedule from a quantity surveyor can be beneficial. This schedule lists all depreciable items in your property, from the building structure to fixtures and fittings. Recent changes in legislation mean you can only claim depreciation on new items, not second-hand properties unless they’re brand new to you.
- Interest on Loans: Deduct the interest charged on loans used to purchase or renovate your investment property. Ensure you keep clear records showing the loan was used for investment purposes.
- Property Management Fees: Don’t forget to include all fees paid to your property manager as they are fully deductible.
Compliance with Legislation
The Australian Taxation Office (ATO) requires accurate record-keeping. Keep receipts and documentation for all expenses. If you’re audited, you’ll need to prove your claims. The ATO’s website has a comprehensive guide on what you can claim and how to keep records.
Conduct a EOFY Property Inspection
Importance of Inspections
A thorough EOFY inspection can identify deductible repairs and ensure compliance with safety regulations. Here’s a checklist to get you started
- Maintenance Issues: Look for wear and tear that can be addressed now. I recall one property where a minor plumbing issue turned into a major repair because it was overlooked. Fixing it early would have saved my client a significant amount. Consider bringing much needed repairs forward to cash in on EOFY deductions.
- Safety Compliance: Ensure smoke alarms are functional and pool fencing meets regulations. Queensland has strict safety laws, and non-compliance can lead to hefty fines.
- Tenant Compliance: Check that tenants are following the lease agreement, maintaining the property well, and paying rent on time.

2. Review and Renegotiate Your Insurance Policies
Types of Insurance
Having the right insurance is crucial. Here are the main types you should consider:
- Landlord Insurance: Covers rental income loss, property damage, and legal liability.
- Building Insurance: Ensures the building is covered for its full replacement value in case of major damage.
- Content Insurance: If your property is furnished, this covers the items you provide.
Cost-Saving Tip
Review your policies annually. Compare different providers and consider bundling policies for discounts. Don't pay the loyalty tax.
3. Plan for Future Investments and Tax Planning
Investment Planning
Strategic planning can significantly impact your financial success. Here are some tips:
- Market Research: Stay informed about the Queensland property market trends. For example, understanding when to buy and sell can maximise your returns.
- Financial Planning: Work with a financial advisor to develop a tax-efficient investment strategy.
- Capital Gains Tax (CGT): Understand CGT implications and how to minimise your liability. The ATO provides detailed guidelines on CGT.
Tax Planning
Planning your taxes can lead to significant savings. Here are some strategies:
- Prepay Expenses: Consider prepaying certain expenses to bring forward deductions. For instance, paying for a year's worth of property management fees upfront can be claimed in the current financial year.
- Defer Income: If it’s beneficial, defer rental income to the next financial year.
4. Streamline Your Property Management Processes
Effective Management Strategies
Efficiency in property management can save both time and money. Here are some strategies:
- Digital Tools: Use property management software to track expenses, manage tenant communications, and schedule maintenance. Our agency uses PropertyMe to allow owners to manage their investment properties via a single dashboard and app.
- Outsourcing: Consider hiring a professional property management company. Professional property management agencies can handle day-to-day management of your investment and ensure compliance with legislation.
- Regular Reviews: Conduct financial reviews regularly to identify and eliminate unnecessary expenses.
- If you are self-managing, ensure you adhere to the Residential Tenancies and Rooming Accommodation Act 2008 (QLD) to ensure all management processes are compliant and avoid hefty fines.
5. Leverage Professional Advice
End of financial year can seem overwhelming, but seeking professional advice can make a significant difference. Property managers, accountants, and financial advisors bring expertise and insights that can help you uncover additional savings and ensure compliance with all relevant legislation. For example, a client of mine once missed out on substantial tax deductions simply because they weren’t aware of them. After consulting with a property tax specialist, they saved thousands by claiming all eligible deductions correctly. Engaging professionals can streamline your processes, optimise your tax planning, and ultimately enhance your investment returns, making the EOFY period a time of financial growth rather than stress.
To wrap up, these top 5 end of financial year property management tips can help you save thousands. By maximising your tax deductions, conducting thorough property inspections, reviewing your insurance policies, streamlining your management processes, and planning for future investments, you’re making the most of your investments. If you'd like us to manage your investment property in Brisbane, please . contact our friendly team.
Happy EOFY!
Share this with friends!
Latest Property Market Insights



