End of Financial Year Property Tax Checklist for Investors
30 June is approaching. Here's a practical checklist to make sure you're claiming everything you're entitled to — and nothing you're not.
The end of the Australian financial year (30 June) is the most important date on a property investor's calendar. It's when your tax position crystallises for the year — and when last-minute actions can make a meaningful difference to your return. This checklist covers the key items every property investor should review before EOFY.
1. Review and Organise Your Records
Collect all rental income statements from your property manager
Gather receipts for every property-related expense during the year
Reconcile your property bank account against your records
Ensure loan interest statements are available from your lender
Confirm council and water rate payments are documented
Check insurance premium receipts are on file
Verify property management fee statements are complete
2. Maximise Your Deductions
Confirm your depreciation schedule is current and being claimed
If you renovated this year, update your depreciation schedule
Review whether any repairs completed this year are immediately deductible
Distinguish between repairs (deductible now) and improvements (depreciated over time)
Claim travel costs if you inspected your property this year (note: limited rules apply)
Ensure you're claiming the cost of your depreciation schedule itself (tax deductible)
Check if your accountant's fees from last year have been claimed
3. Consider Pre-Payments Before 30 June
Prepay up to 12 months of loan interest before 30 June to bring forward deductions
Prepay insurance premiums for the next year
Prepay council or water rates if possible
Bring forward any planned maintenance or repairs into this financial year
Commission a depreciation schedule before 30 June if you don't have one
4. Review Your Loan Structure
Check whether your current interest rate is competitive — refinancing could save thousands
Ensure investment loan interest is not being contaminated by personal redraws
Review whether your offset account is being used optimally
If you have both personal and investment debt, confirm you're paying down personal debt first
Check if your interest-only period is expiring and plan accordingly
5. Plan for Next Financial Year
Apply for a PAYG withholding variation if your property generates a net loss — get the tax benefit monthly
Review your rental amount — is it at market rate? If not, consider an increase
Schedule a meeting with your accountant to discuss tax strategy for the year ahead
Review your property manager's performance and fees
Assess whether your ownership structure is still optimal for your situation
Quick FAQ
Yes — repairs that restore something to its original condition are immediately deductible. Improvements that enhance the property beyond its original state must be depreciated over time. The distinction matters, so discuss specific items with your accountant.
It can be beneficial if you want to bring forward deductions into a high-income year. However, it ties up cash and may not suit everyone. Discuss with your accountant whether the tax benefit outweighs the cash flow impact.
Get one. A quantity surveyor can prepare a schedule for $400–$700 (which is itself tax deductible). For most investment properties, the depreciation deductions far exceed the cost of the schedule in year one alone.
Disclaimer: This article is for educational purposes only and does not constitute tax advice. Tax laws change frequently — always consult a qualified accountant before making tax-related decisions.
Module 3 covers depreciation, negative gearing, CGT, and all financial aspects of property investment.