The end of financial year is soon approaching which means time is running out to claim any and all tax deductions on your investment property for the 2016 financial year.
Now is the time to start thinking about any renovations or improvements that your investment property may need – things like tiling, new kitchen cabinetry, kitchen splash backs, upgrading the bathroom or creating a tiled or paved patio outside. Did we mention tiles as well? All of these improvements and fixes can be tax deducted immediately and listed on your depreciation schedule.
At Nerang Tiles we find that many Australians are choosing to invest in renovations to increase the value of their investment properties. However, many of these clients are still unaware of the tax benefits that can be associated with such projects.
It is possible for investment property owners to claim thousands of dollars back after renovating a property which generates income. Renovations can often be quite expensive and exceed the budget so it makes financial sense to take full advantage of the tax advantages that are available.
Nerang Tiles advises all our clients with investment properties to keep their receipts and to seek professional advice on tax deductions when renovating their properties.
Tiles present a great opportunity to claim a tax deduction. This is because you can claim the labour work as an immediate tax deduction and because tiles become a fixture of the property where you can claim years’ worth of depreciation. Tiles also present the opportunity to increase the value of the property by bringing the home up to date with modern trends and designs as well as giving a bathroom or kitchen a great refresher. Choosing the right tiles is difficult, so ask at Nerang Tiles for the best value for money tiles that can boost the value of your property without hurting your wallet.
As the end of financial year soon approaches, it is important to start thinking about what improvements or renovations you can do to your investment property. Make sure your ask the staff at Nerang Tiles for advice on what sells the best and which tiles will the greatest value for money to increase the value of your investment property without exceeding any budget requirements.
Nerang Tiles is a multi award winning tile showroom with thousands of quality floor tiles and wall tiles on display at its Gold Coast Tile Showroom. With a complete range of floor tiles and wall tiles and bathroom accessories like tap-ware, vanities and toilets to match, Nerang Tiles is a one stop shop for investment property renovation that can earn you a great tax deduction for the financial year.
Visit the Nerang Tiles Gold Coast Tile Showroom today to see the full range and get advice on how to best renovate your investment property to increase its value and get some great tax deductions.