What your EOFY statement doesn't tell you - but should
Your EOFY statement records the numbers, but it won't tell you whether your investment property is compliant, tax-efficient or performing as well as it could.
Your EOFY statement provides a snapshot of your property's financial performance, but it doesn't reveal whether your investment is fully compliant, tax-efficient or keeping pace with today's rental market. (Image source: Chay_Tee/Shutterstock.com + API Magazine)
Your End of Financial Year (EOFY) statement has arrived. It’s tidy, it’s formatted, and it tells you exactly what came in and went out across the last 12 months. You forward it to your accountant, file it away, and consider the job done.
But your EOFY statement is a record of what happened. It has almost nothing to say about why it happened, whether it was good enough, or what’s quietly costing you money that doesn’t appear on the page anywhere.…
