Hi I have just bought my first Ip and wanted to ask all the experienced investors out there if there is a checklist or a few key things I should be doing….
I have
* had a building inspection
* organised landlords insurance
* vetted the tenantsAre there any other obvious things I should do?
Thanks for your input.
Best Regards,
Andrew
What about a depreciation schedule?
Terryw
Discover Home Loans
Parramatta
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A depreciation schedule! I assume that means getting a quantity surveyors report?
The house I have purchased is 50 years old. Would it still be worth me getting a quantity surveyors report with a 50 year old house?
Thanks for your time.
Best regards Andrew
Yes even tho you cannot get anything for the building there are still stuff inside and out that can be depreciated.
ChrisAll post are IMHO.
If you’re negative gearing, what about a Tax Variation form, to improve your cashflow
Do you have a good tax accountant that is interested in what you’re doing?
Do you have an investment plan?What’s a tax variation form?
If you expect to get a reasonable size tax refund, you can lodge a PAYG Tax Variation with the ATO, to reduce the amount of tax withheld from your wage during the year, ie if you will get a refund of about $5000 then you can have your wages tax withheld reduced by about $96pw,
You’re much better off having more cash now than waiting until your tax return is lodged. If you’ve got $5000 tied up in a tax refund earning no interest, why would you wait up to 12 months to get access to it?
I can email you the form if you want.
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