End of Financial Year Property Checklist for Investors

The end of the financial year is more than just tax time for property investors — it is an opportunity to review your portfolio's performance, ensure you are claiming every eligible deduction and set yourself up for a stronger year ahead. Here is a comprehensive checklist to work through.

1. Gather all income and expense records

Compile a complete record of all rental income received and expenses incurred during the financial year. This includes rent received, property management statements, insurance premiums, council and water rates, maintenance invoices, loan interest statements and any other costs associated with your investment property. If your property manager provides an annual summary, request it early — it saves significant time at tax time.

2. Review your depreciation schedule

If you have a depreciation schedule, review it to ensure you are claiming the correct amounts for both capital works (building structure) and plant and equipment (fixtures and fittings). If you do not have a depreciation schedule, consider getting one prepared by a qualified quantity surveyor — it is one of the most commonly missed deductions and can be worth thousands of dollars per year, particularly for newer properties.

3. Review your loan structure

Check that your investment loan interest is being correctly allocated and that investment and personal borrowing remain clearly separated. If you have refinanced, drawn equity or restructured during the year, ensure the paper trail is clean. Mixed-purpose loans can create complications at tax time and may reduce your eligible deductions.

4. Assess your property's performance

Take a step back and assess how each property in your portfolio is performing. Look at rental yield (gross and net), capital growth over the past 12 months, vacancy rates, maintenance costs and overall cash flow. Compare these metrics against your original investment thesis. If a property is consistently underperforming, it may be time to consider whether it still has a place in your portfolio.

5. Review your insurance coverage

Check that your building, landlord and contents insurance (if applicable) are adequate and up to date. Construction costs have risen significantly in recent years, so ensure your sum insured reflects the current replacement cost — not the original purchase price or an outdated estimate. Also review your policy terms to ensure they still match your property's use (for example, if you have switched from long-term to short-term rental).

6. Check your rental pricing

The end of the financial year is a good time to review whether your rental price reflects the current market. If comparable properties in your area are achieving higher rents, you may be leaving money on the table. Your property manager can provide a rental appraisal based on recent leasing activity in your suburb.

7. Plan for the year ahead

Use the EOFY review as a springboard for the year ahead. Are you in a position to add another property to your portfolio? Does your finance structure support future growth? Are there maintenance or improvement works that could increase your property's value or rental return? Setting clear goals and action items now means you start the new financial year with momentum rather than playing catch-up.

8. Engage your professional team early

Do not wait until October to start thinking about your tax return. Engage your accountant early, provide them with organised records and discuss any significant events during the year (property purchases, sales, refinancing, major repairs). The earlier you start, the more time you have to identify opportunities and address any issues before your return is lodged.