The end of financial year doesn’t have to be a mad scramble.
Whether you’ve got one property or a growing portfolio, ticking off a few essential tasks before 30 June can help you stay compliant, maximise your deductions, and set your investment up for a stronger year ahead.
Here’s a practical EOFY checklist every landlord, especially those self managing an investment property, should be working through.
1. Gather All Income & Expense Records
Start with the basics. Your accountant will need a complete summary of:
- Rental income earned between 1 July and 30 June
- Property management fees (if applicable)
- Advertising costs, council rates, strata levies
- Insurance premiums
- Repairs and maintenance (labour + materials)
- Any depreciation schedules if your property qualifies
Tip: If Mclaws Property manages your property, we’ll already have most of this itemised and ready for you, saving you hours of admin.
2. Check for Missed Deductions
You’d be surprised how many landlords forget to include:
- Interest on investment loans
- Smoke alarm servicing, gardening, pest control
- Water usage charges paid on the tenant’s behalf
- Travel costs related to inspections or maintenance (note: eligibility has changed in recent years)
Not sure what you can claim? Your accountant can help, but only if you’ve got the records ready.
Make sure your records include all the income you receive and all the expenses you can claim as deductions.
3. Review and Renew Your Insurance
Landlord insurance isn’t something you should “set and forget”.
EOFY is a great time to review:
- Is your policy up-to-date?
- Does it cover rent default and tenant-related damage?
- Are you covered for pet-related claims if your property allows pets?
If you haven’t reviewed your policy in over 12 months, it’s worth comparing a few providers to make sure you’re getting the right protection at a fair price.
4. Schedule a Rent Review
Rents in areas like Hurstville, Bexley, and Beverly Hills have increased in the past year. But is your rent still aligned with the market?
Consider:
- Recent suburb-specific data
- Vacancy rates in your area
- Tenant quality and lease terms
At Mclaws Property, we review rent regularly to help landlords maintain a competitive edge while retaining great tenants.
5. Plan for Property Maintenance
EOFY is the perfect time to look ahead.
Proactive maintenance can reduce long-term costs, protect your asset, and keep tenants happy.
Think about:
- Gutter cleaning
- Minor landscaping
- Repainting, repairs, or cosmetic upgrades
- Annual smoke alarm servicing
Many of these can be tax-deductible, so it’s worth speaking to your accountant about what can be claimed.
6. Book in a Depreciation Schedule
If your property is newly built or recently renovated, you could be eligible to claim thousands through depreciation.
This is often missed, especially by landlords self managing an investment property.
Not sure if it’s worth the cost? We can connect you with a trusted quantity surveyor who’ll let you know.
7. Speak to Your Accountant Early
EOFY is peak season for accountants, so don’t wait until late June.
Touch base now and ask about:
- Ownership structures (individual, trust, SMSF)
- Upcoming tax law changes
- Planning strategies for the next financial year
Make the Most of the EOFY
EOFY doesn’t have to mean last-minute stress.
With a clear checklist and the right support, you can finish the year strong, and get ahead for the next one.Need help getting your investment property in order before EOFY? Contact us now at Mclaws Property. We’re here to keep your property performing.