Prepay Interest – Many lenders allow borrowers to prepay interest on loans. By prepaying before 30 June you can claim a tax deduction for up to 12 months interest. With interest rates seemingly on the way up, this may be an ideal time to pre-pay interest. Of course, you should also factor in your own cash flow in making a decision to prepay any expense. This is only available for SBE taxpayers and non-business individuals.

Quantity Surveyor – At this time of year, many owners have their depreciation/capital allowances schedules prepared.

We recommend that this be done by a qualified quantity surveyor. Their expertise can add thousands of dollars worth of deductions to your rental property claim. The payment of their fees is also tax deductible.