1. On the top of the list is timing. With property investment, when to buy and when to sell, is crucial in reducing tax, or even eliminating having to pay tax altogether. Depending on your income, and investment scenario, deferring the sale from one year to the next financial year can mean a world of a difference in the amount of capital gains tax that you have to pay. Minimise capital gains tax by holding the property for at least 12 months, and decide on which financial year to exchange contracts.

2. Prepay interest on your investment property loan, if cash flow allows. This will bring forward deductions that you have to wait until the next year in order to claim

3. Attend to any repairs before the end of the financial year. This ensures that the repair is not only attended to (to avoid any further issues), but also makes sure that you can claim the cost in this financial year, not the next one. But make sure you know the difference between a repair and an improvement, before you go head.

4. If the property is new for this financial year, make sure you know what you can and can't claim. Expenses such as mortgage insurance can be claimed over a period of 5 years. Ensure you check the Settlement Statement (if new property), as there are often expenses here, such as council rates and strata levies, that have been paid through settlement.

5. To get the ultimate in property investment tax benefits, focus on fairly new properties, which will allow for full depreciation claims on buildings and fixtures and fitting costs

6. Make sure you have already ordered your depreciation report for your property, if you don't have one yet. Not having one could mean thousands in tax savings that have been forfeited.

7. Immediate write offs - If you co-own a property, and an asset is purchased for $500, you can each claim the $250 immediately as a write off. If the property was 100% owned by one investor, the $500 asset would have to be depreciated.

8. It is now time to get started on the PAYG Withholding Variation for the 2016 financial year. This allows you to access your end of year tax refund (the negative gearing component), throughout the year in your pay, rather than in a lump sum. Perfect for those investors that need the consistent extra cashflow!

Most importantly, get a good accountant that knows what they are doing, and that play in the property space themselves. As an added bonus, our fees are tax deductible too!