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Tackle niggling repairs and maintenance<\/strong><\/p>\n Mr Mortlock said small repairs and maintenance carried out now would be immediately claimable.<\/p>\n “Our company’s most recent 1000 Assets report shows around one-third of all investment properties receive post-purchase renovation work, with an average spend of around $25,000 to $30,000 per property.”<\/p>\n But even small works can deliver a benefit, Mr Mortlock said.<\/p>\n “I’m talking about those minor works you’ve been putting off, any repair \u2013 no matter how small \u2013 allows you to claim the cost of materials used to tackle it.<\/p>\n “Also, labour costs are claimable if you use a contractor.<\/p>\n “Works can include landscaping \u2013 something that landlords may be able to carry out themselves with the tenant’s permission.”<\/p>\n <\/p>\n Pay your loan interest in advance<\/strong><\/p>\n Mr Mortlock said in 2022 if you have the means to pay your annual interest bill in advance, it should be a consideration.<\/p>\n “Aussies have managed to boost their saving throughout the pandemic with increases in their offset accounts and savings.”I’d suggest devoting some of that treasure chest toward pre-paying your interest bill for the coming year, the sum you pay is immediately claimable against your 2020\/21 tax return.”<\/p>\n <\/p>\n Get a depreciation schedule<\/strong><\/p>\n Depreciation schedules prepared by suitably qualified professionals assign hugely advantageous tax-deductible depreciation to your property’s fixtures, fittings and finishes.<\/p>\n “If you haven’t already organised for a depreciation schedule, then get onto it today!” urged Mr Mortlock.<\/p>\n “Fortunately, investors are becoming more aware of their advantages.<\/p>\n “Our most recent 1000 Assets report revealed the amount of time between settlement and ordering a schedule fell to around eight months in 2022 \u2013 more than half the time it was in 2016.<\/p>\n “For just a few hundred dollars a deprecation schedule can deliver thousands back to the landlords, that’s an incredible return on investment.”<\/p>\n <\/p>\n