The ‘End of Financial Year’ (EOFY) or ‘Tax Time’ as many people call it seems to bring out the worst in everyone.
Accountants hate it because they are so frantically busy, tied to their desks and don’t get to see their families for weeks on end because they’re busy sorting through your taxes. Business owners break out in a cold sweat because they can no longer ignore the twelve months of bookwork they have let lapse and employees get grumpy because they can never claim as many tax returns as they think they are entitled to and therefore spend the next few months complaining about how much tax they have to pay each year and how little their tax refund is.
In fact, I challenge you to carry out a little social experiment amongst your friends and family. Next time you are involved in a casual conversation with a colleague, friend or family member, just throw in the line, ‘Well… it’s almost tax time again’ and see what response you get.
I bet you at least 8 out of 10 people will either (a) groan or (b) complain. There are probably one or two that will ignore the comment altogether, not even getting a little excited at the prospect of their tax refund.
Me, I am the complete opposite and I find the End of Financial Year to be one of the busiest and most rewarding times of the year.
Because the End of Financial Year is one of the best times of the year for me to be able to show people how I can help them to achieve ‘financial security through property’, regardless of how little their tax refund is. It’s when I can do my job the best, highlighting the fact that investors can get an investment property tax deduction.
So many people don’t realise how easily they could be strengthening their financial position and possibly paying less tax each year with an investment property tax deduction. Not only could they be paying fewer taxes, but they could be benefitting from any increase in value to the property over the longer term.
But unfortunately often it’s not until after the End of Financial Year has passed that people realise they need to take action and by that time it is too late to make any improvements to their position with regards to their taxes in the current financial year. It’s another year gone and another opportunity for an investment property tax deduction missed.
The good news is EOFY is still a few weeks away and it’s not too late to take action towards an investment property tax deduction.
I encourage everyone to be proactive before June 30 arrives and assess your likely tax returns before the end of the financial year. Are you paying more taxes than you need to be? Would an investment property suit your individual circumstances and possibly provide you with long term financial benefits such as investment property tax deduction?
An experienced professional including your account, financial advisor or a Property Investment Specialist from Investor Assist can help you get the process of receiving an investment property tax deduction started. Just contact us on (08) 9200 7200 or email email@example.com and we can conduct a free Property Investment Analysis (PIA) for you to assess your current position and if you are eligible for am investment property tax deduction. Just think – if investing in property has the potential to save you thousands of dollars each year through an investment property tax deduction that you would otherwise be paying in tax, it would be the same as having a win on the Lotto or receiving an extra bonus at work. Any money saved all goes towards improving your financial position but so many people let the opportunity of improving their taxes pass them by. Don’t be one of them!
You have just over a month to see what tax returns are available to you so now is the time to make some enquires. All the best and I hope it proves to be a rewarding exercise.