As June 30 rolls around, it’s not just about sorting out tax—it’s the perfect time to check in on your property investment and set yourself up for a better year ahead. Whether you’ve got one rental or a whole portfolio, EOFY gives you a chance to take stock, make smart moves, and make sure everything’s running as it should.
Here are more details on our top tips for Melbourne landlords looking to finish the financial year strong.
Round Up Your Paperwork
It’s time to dig out the essentials:
- Rent and expense statements
- Council and water rates
- Maintenance invoices
- Insurance and loan documents
- Depreciation schedule (if you’ve got one)
If you’re with Pennisi, you can expect your tidy EOFY summary for your accountant to hit your inbox on the 2nd of July.
Don’t Miss a Deduction
Make sure you’re claiming all the right things:
- Loan interest
- Repairs and maintenance
- Property management fees
- Council rates
- Landlord insurance
- Depreciation on fittings and structure
Done any upgrades? Things like appliances, a new paint job, or even flooring might be claimable. And if your depreciation schedule is out of date, a quick chat with a quantity surveyor could unlock more value. If you don’t have a detailed depreciation schedule on your property, we recommend getting in contact with Andrew Pynt from Baglin Partners Quantity Surveyors on 9458 4033 or 0410 478 333. Andrew will guide you through the process and ensure you receive the maximum benefit. Pennisi clients also receive a reduced fee of $500 plus GST for any residential tax depreciation schedule.
Think About Prepaying
If you’ve had a big year income-wise, you might benefit from prepaying:
- Next year’s interest
- Insurance premiums
- Subscriptions for property data or services, including your agent’s fees
Check with your accountant to see if this strategy makes sense for you.
Check Your Insurance
EOFY is a great reminder to review your landlord insurance:
- Does it still cover what you need?
- Is loss of rent or tenant damage included?
- Could you get a better deal elsewhere?
Insurance isn’t something to set and forget—double-check that it still ticks the boxes.
At Pennisi, most of our team are insured with EBM RentCover or Terri Scheer. Not all landlord insurance policies are the same. That’s why it’s important to make an informed decision when selecting the most suitable protection for your investment property.
Make Sure You’re Compliant
Victoria’s rental laws are strict, and the rules keep evolving. Now’s a good time to confirm your property is up to scratch with:
- Smoke alarm checks
- Gas and electrical safety checks (every 2 years)
- Minimum standards
- Pool or spa barriers where applicable
If you’re a Pennisi landlord, chances are we’ve handled this already—but it’s always worth confirming.
Time for a Loan Health Check?
With interest rates moving around, there could be better loan deals out there. Use EOFY to:
- Check your current interest rate
- Explore refinancing options
- See if you can free up equity
- Improve your cash flow
If you would like a free finance check, contact Mark Love at Capital X on 0418 321 525 or mark.love@capitalx.com.au for a free check to help you compare options.
Is Your Investment Performing?
Take stock of how your property is doing:
- Is your rent at market rate?
- Could a few small updates boost returns?
- Happy tenants planning to stay?
- Is it time to renovate, refinance—or even sell?
Want to know what your place is worth in today’s market? Thinking about selling your rental investment? Reach out to the team for an obligation-free chat. We’ll give you honest feedback so you can make the best move.
Book In With Your Accountant
EOFY is a busy time for tax pros, so book early and go in prepared. A good accountant can help you:
- Maximise your deductions
- Plan around CGT
- Structure your finances for long-term benefits
Get in early so you’ve got time to make smart decisions.
Thinking of Changing Property Managers?
If you’re not delighted with your current management, now’s the perfect time to switch. At Pennisi, we’ll handle everything—including contacting your current agent—and make sure the transition is smooth and stress-free for you and your tenant.
Let’s Make Next Year Your Best Yet
If you’d like a property review, a rental check-up or some advice on your options, we’re here to help. Please feel free to contact our team on 039 379 5616.
Let’s make the year ahead a smart year for your investments.
Disclaimer
We’re good at real estate—not insurance, tax or legal advice. These tips are general in nature and shouldn’t replace a chat with your insurer, accountant or financial advisor. Always get professional advice tailored to your unique situation.