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The end of the financial year is coming along with it, comes tax time!
Tax time is from July to October and although it’s not anyone’s favourite time of year, the taxman will need to be paid.
As they say, the only two certainties in life are death and taxes. However, it’s not all doom and gloom, there are many items that can be considered tax write offs. According to the Australian Taxation Office, tax write offs include things like cars, transport and travel expenses, tools, computers and other work related items, even personal grooming items and so much more. Think, items that are necessary for you to do the job or deliver the services you offer, to earn the income that you are being taxed on.
Property owners too, have many tax write offs that many people might not realise can be deducted. Did you know upgrades on rental and investment properties are a tax write off?
If you own a property for rental or investment purposes, upgrades and maintenance can be considered deductibles as you require these upgrades to maintain or increase the rent or purchase price you’re getting on the house. Property maintenance is necessary to keep up the value of your house or even improve it. Putting in a pool, updating the lighting and plumbing, etc, not only benefit your renter or buyer but also increase the value of your house are tax deductible.
Maintenance needs to happen regularly, and this is tax deductible too. More than just this though, you need to be servicing your house’s air conditioners at least once a year for five years to ensure the unit’s warranty remains valid and your filters need to be cleaned out every two to three months. Also, if your aircon is beginning to go yellow, showing faults or putting out a bad smell, it needs to be replaced immediately. Neglecting to do so could result in illness or mould, both of which can be incredibly harmful to your health. If your aircon unit is between 7 to 8 years old, I recommend a replacement.
Air conditioning units for investment properties are tax deductible, and in fact this is the ideal time to install a new one as pricing for aircon units will increase in summer and you’ll be left waiting ages for companies to come and install the unit as demand increases exponentially. During the rest of the year, we tend not to think too hard about aircons but just before the end of the financial year is the ideal time to get them more affordably, installed quickly and claim them as a tax write off!
Sparc Electrical & Airconditioning is the perfect company to assist you with your quick tax deductible installations. We offer fast turnaround times that absolutely never compromise on quality. A trusted name in Brisbane, Sparc Electrical & Airconditioning is here to help with all your air conditioning and electrical needs.
Get in touch with us today.