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A Few Important Tips Don't give the tax man any more money that you have too! Getting a depreciation schedule made by a qualified quantity surveyor can be one of the most important things you can do to turn an under performing property into quite a performer. Below are a few sample pages from one of my depreciation schedules.
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Don't wait for the tax man to give you your refund The Australian Government lets you reduce the amount of tax you pay during the year by filling out a Income Tax Withholding Variation (ITWV) form. They will then work out what your tax deductions will be for the end of the financial year based on the information you provide and instead of paying your usual amount of tax, they inform your employer to take out less tax during the year. This is putting extra money in your pocket each week/month, that you can use towards a deposit for another home or if you have a mortgage on your on home, it helps you pay it off sooner.
Make a Business Decision Remember that buying an investment property is a business decision. It does not matter if you personally like the property or not. The key is to make a good business decision and buy a property that will make you money. |
Save Money on Insurance •Raise your excess or deductible. If you have a $300 excess on your insurance policy, raising it to $500 could reduce the cost of comprehensive coverage by up to 30%. Just make sure you have access to enough money to cover the higher excess amount in case you need to make a claim. •Take advantage of discounts. Many insurers provide a discount for combining policies (car, house, boat, landlord) •Buy to save. If you are looking to buy, talk to insurers to find out if you buy in a certain location or a particular make and model to find out which areas or items are cheaper to insure. •Shop around. Get at least three quotes before you take out a policy. Listen to what other people say about their insurance companies. Deal with companies you trust and have been around for a while. •Safe and secure. Many insurers provide a discount for lower risk items such as items with alarms or anti theft devices fitted. •Pay for the year. Many insurers charge extra if you only pay for your policy monthly or quarterly. Ask if there is a discount to pay the full amount in advance.
Save on Car Insurance •Pay as you go. Some insurers now let you pay for insurance by the kilometre. Great if you only travel a short distance each week. •Have a good driving record. Your driving history is taken into account, going back up to 3 years. Fines for speeding and running red lights does not make your driving look good. Do not lie about your history or it may prevent payment if you have to make a claim. •Age of drivers. Some insurers will consider you less risk if you let them know that nobody under 21 or maybe 25 will be driving your vehicle.
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See the Importance of a Positive Cash Flow The link below provides all the details on the importance of finding Positive Cash Flow properties. Don't buy an investment property until you have read this page. Also provides a few working examples so you may see the affects before your own eyes. Negative Gearing... Friend or Foe?
Buy Like a Professional With this software you no longer have to worry about making a wrong decision. Imagine having the combined confidence of a Land Agent, a Accountant and a Property Tycoon all rolled into one.
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