EOFY Checklist for Adelaide Property Investors
As the end of the financial year approaches, now is the time for Adelaide property investors to get organised. A bit of smart planning in June can make a big difference come tax time – especially when it comes to maximising your deductions and staying on top of your obligations.
At Key + Stone Property, we’ve created a quick guide to help you feel confident and prepared. Whether you’re managing a single investment or a growing portfolio, this end-of-financial-year checklist will help you make the most of your property investment.
Know what you need to declare
All rental income received from your tenants must be reported to the ATO. This includes:
Rent paid in advance
Late fees or penalties
Any other payments outlined in your lease agreement
Keeping clear records throughout the year will make this much easier. Make sure your files include:
All rental income and expenses
Receipts and invoices for any work done
Mortgage and loan documents
Property purchase contracts
A record of any depreciable assets (e.g. appliances or furniture)
Well-organised documentation is not just helpful for your accountant – it’s essential in case of an audit.
What can you claim?
Here are some of the key deductions that may be available to you as a property investor:
Loan interest: The interest on your investment loan – and on any loan used for improvements – is typically tax-deductible.
Repairs vs. improvements: Repairs (e.g. fixing a leak) are claimable immediately. Improvements (e.g. renovating the bathroom) are claimed over time.
Depreciation: A Tax Depreciation Schedule can help you claim wear and tear on the building and fittings. The cost of the schedule itself is also deductible.
Property management fees: From inspections to tenant communication, these costs are fully deductible.
Insurance: Building, landlord, contents, and liability insurance can all be claimed.
Legal fees: If you’ve had to deal with tenancy disputes or debt recovery, those legal costs are generally deductible.
Council rates, land tax and pest control: These are all ongoing costs you can claim in the financial year they’re paid.
Lodging your return
All rental income and deductions must be included when you lodge your tax return. If you’re preparing your own return, the due date in 2025 is 31 October. If you’re using a registered tax agent, you may be eligible for an extension – it’s worth checking with them sooner rather than later.
Get support
Investment property tax rules can be complex – and easy to get wrong. A qualified accountant or tax agent can help you navigate your obligations, uncover deductions you may not have considered, and ultimately save you time and money.
Investing with confidence
Owning an investment property in South Australia can be incredibly rewarding – but it pays to be prepared. With the right support and knowledge, you can approach tax time with confidence and make the most of your investment.
If you're looking for tailored property advice or would like help getting your Adelaide investment property ready for the year ahead, get in touch with the team at Key + Stone Property. We're here to support you every step of the way.
Readers should seek independent legal advice tailored to their specific circumstances. Key and Stone Property Pty Ltd do not accept any liability for the accuracy or applicability of the information provided herein.