Landlords, Are you Ready for Tax Time?
Landlords, Are you Ready for Tax Time? Get ready with our Handy End of Year Property Checklist
The end of the financial year is fast approaching and, as part of our proactive property management service, we like to ensure our landlords are prepared for tax time.
Getting organised now can help ensure you have everything your accountant needs to maximise your potential deductions and complete your tax return efficiently.
End of Year Financial Statement
If you’re a new landlord or self-managing your investment property, you may not have seen an End of Year Financial Statement before.
MPM Property landlords can expect to receive their End of Year Financial Statements from 1 July 2026, ensuring they have the information they need to begin preparing their tax return as soon as possible.
Your End of Year Financial Statement includes important information your accountant or tax agent will need, including:
- Total rental income received
- Water usage charges paid by the tenant
- Any reimbursements from the tenant (e.g., for repairs)
- Property management fees
- Repairs and maintenance expenses
- Any invoices paid for by the property management agency
Let Us Pay Your Property Expenses for You
At MPM Property, we offer the convenient service of paying property-related expenses through rent withholding. This removes the hassle of managing multiple bills and ensures expenses are paid on time while being accurately recorded for tax purposes.
You can simply send us the following bills, and we’ll take care of the rest.
We can arrange payment of a wide range of property-related expenses on your behalf, including:
- Body Corporate fees
- Landlord insurance premiums
- Water bills
- Council rates notices
- Routine compliance and service charges (e.g. annual smoke alarm inspections and pest control)
- Pool and garden maintenance invoices
- Trade and maintenance invoices
- Other approved property expenses as required
Lease Agreement
Your accountant will also require copies of any lease agreements that were active during the financial year.
Order a Depreciation Schedule
If your property is new, or only a few years old, or has undergone significant renovations, consider ordering a depreciation schedule.
A depreciation schedule can help maximise available deductions for plant and equipment assets, as well as capital works deductions.
Loan Interest Statements
If your investment property has a mortgage, your accountant will need statements showing the interest paid on the loan throughout the financial year. Loan interest is generally one of the largest deductions available to property investors.
The information above is intended as a general guide only. Your accountant will be able to provide advice specific to your circumstances and identify any additional deductions you may be eligible to claim.
As tax time is a busy period, we recommend booking an appointment with your accountant early if you would like your return completed as quickly as possible.
Complete Repairs & Maintenance Before 30 June
To ensure that landlords are maximising their deductions it is also a good idea to ensure that all preventative maintenance, such as tree trimming and air conditioning servicing, as well as repairs like leaking taps, faulty locks, and general wear and tear, is completed and invoiced before June 30.
Review Your Investment Strategy
The end of the financial year is also a great time to review your investment strategy. Understanding what your property is worth in today’s market is a great place to start.
The MPM team can assist with:
📈 Rental market appraisals
🏠 Sales appraisals
🔑 Purchasing your next investment property
Whether you’re looking for expert property management or considering selling your property, our team is here to help. Contact one of our Client Managers or sales agents today to discuss your options.