Many people groan come tax time, but if you own an investment property, now’s the time to reap the rewards and claim back any deductions you’re entitled to.

Seeking independent advice from a qualified professional will enable you to get the most from your investment, maximising your tax refund and minimising your tax liability.  This could mean the difference in saving $100’s to saving $1000’s in tax dollars.

It is imperative that you supply your accountant with documentation of all your income and expenses regarding your investment property for the last financial year. When in doubt – collect all receipts and pass them on to your accountant. You should also hang onto these receipts for a minimum of 5 years.

If you own more than one investment property, it is a good idea to keep a separate folder for each property to simplify the process.