With elections, potential rate cuts, tariff chatter and the super April school holidays diverting our attention over the past month, it’s easy to forget that the end of the 2024/25 financial year (EOFY) is now just weeks away.

So, while you’re picking up your 2025–26 financial year diary, now’s also the perfect time to start thinking about whether you’re getting the full tax benefits of your investment property.

The number one tip for landlords? Don’t leave tax planning until the last minute—and certainly not until 30 June. Here are some practical steps to take now:

1. Organise your rental income and expense

Fortunately, the days of shoeboxes full of receipts are behind us—your Raine & Horne Property Manager tracks these expenses throughout the year and provides a comprehensive end-of-financial-year statement to make tax time easier.

2. Know your eligible deductions

You may be able to claim for depreciation (more on this later), loan interest, repairs, council rates, insurance, and even travel costs (if allowed). If you’re using a Raine & Horne Property Manager, you’ll be able to claim their fees too.

3. Keep detailed record

Make sure any receipts and invoices for work or repairs on an investment property you have organised independently of your property manager are stored securely and clearly labelled. This makes life easier for both you and your accountant.

4. Engage a tax professional

If you don’t have a tax accountant – now is the time to consider engaging one. An accountant can help you claim every deduction you’re entitled to—legitimately and confidently. The accountant’s fee for this service is also tax deductible.

5. Understand the power of depreciation

If you haven’t already, it’s worth arranging a depreciation schedule for your investment property. This report details all the depreciable components—such as the building structure, fixtures, and fittings—that can be claimed over time. Depreciation can deliver substantial tax savings and boost your cash flow. Most accountants will strongly recommend having a schedule in place, as it not only streamlines the process but can also help reduce your taxable income—earning them a few brownie points by trimming your tax bill in the process.

Why a depreciation schedule matters

Prepared by quantity surveyors such as BMT (www.bmtqs.com.au), a depreciation schedule identifies all eligible claims not just for this year—but for up to 40 years into the future. Typically, you could expect to pay between $385*-$770 for a depreciation schedule[i]. However, the savings will pay for the cost of the schedule many times over.

To get an idea of how much you could save with a depreciation schedule, try BMT’s free depreciation calculator at www.bmtqs.com.au/tax-depreciation-calculator.

So, as the clock ticks down to 30 June, taking action now as a landlord can deliver big benefits.

Speak with your accountant or property manager today to ensure you're making the most of every available tax benefit. After all, smart planning now means more money in your pocket later.

[i] https://www.washingtonbrown.com.au/blog/depreciation-schedule-cost/