Our office has just recently completed our end of financial year processing, so I thought now might be a good time to give an update on what is included in the end of financial year report and the items that you might need to get ready for your tax accountant.

As we run our end of financial year payment to our landlords on the last working day of June, we also include for you a yearly statement that sets out all the rent you have received, any bills that you have paid for repairs and commission paid to our office.  This statement is what you will need to take along to your tax accountant, but you may need to gather other items as well, so that you are prepared for your appointment.

Throughout the year with your end of month statements, you are given copies of any invoices that you have paid for work that has been completed at your property for repairs or similar.    You may have paid for items yourself, rather than having this done through our office, like your rates, or your water rates.  You will need to have copies of these for your tax accountant as well.

Please also remember that any commissions or fees that you have paid to our office are tax deductible. Another thing to keep top of mind is that the commission that you pay to our office for your management covers the cost of your end of financial year statement.  We are seeing extra fees creeping in from other low management fee agents, so that whilst their commission might be lower,  there are charges for other items – like an end of financial year statement.

If you have lost your statement, or you cannot find your invoices from throughout the year, please do not hesitate to contact the office so that we can arrange to resend these to you.  Remember that we do not charge extra fees for paying your rates or water rates for you, so if you would like our office to do this for you, you need only contact us to arrange this.

Happy end of financial year from us and hoping you get a great tax return!!