Information supplied by BInvested Group
Nathan Birch here from the BInvested Group, here to share some tips on making your EOFY experience an easier and more productive one for your portfolio and you.
For the property investor, tax time can bring an avalanche of paperwork, but by knowing what you need and by being prepared, you can take much of the stress away.
There are three keys to navigating your property portfolio safely through tax time – organisation, preparation and using an experienced, reputable accountant.
Keeping your paperwork organised throughout the financial year is critical. You want to avoid desperately searching your office for receipts and other documents at tax time, then having to ask your accountant to sort through them on your behalf. Make it simple - remember you are paying for their time.
As an investor with over 150 properties in my portfolio, I can assure you that I’ll do anything to avoid sorting through mountains of paperwork – I’ve been through that nightmare before!
I recommend using a tool such as My Property Tracker. MPT is an online system that allows you to manage every detail of your property portfolio in one secure, online location. With it, you can organise, review and monitor your portfolio throughout the year, making tax time a breeze. Check out the website today and take it for a free trial – you won’t be disappointed.
Now you know how to get organised, let’s look at what you should review and have prepared for your property portfolio at EOFY:
Make sure you have all of the necessary details and paperwork for each area, ready for your accountant. Do this and you are well on the way to ensuring you can claim and receive all the benefits to which you are entitled. As the old saying goes, help your accountant to help you!
- Income earned in relation to the rental property;
- Real Estate letting fees
- Expenses incurred in relation to the property – including landlord insurances, real estate letting fees, water bills etc.;
- Any capital gain or loss from the sale of the rental property;
- End of financial year rental statements;
- End of financial year loan statements;
- Invoices & receipts of all capital works & or repairs done on investment properties;
- Any travel related expenses in visiting and inspecting investment properties could possibly be eligible for some tax discounts;
- If a newer property, depreciation on the property itself, or the fittings and fixtures in an older property.
It is vital that you have a good accountant on your team, ideally one with property investment experience and knowledge, like the team at One Path. It is your accountant who will have the expertise to tell you what you can claim in relation to your portfolio, which capital gains or losses you can offset against and when it’s a good time to dispose of an asset.
Your Finances – Your Goals
So you see from the above, there are ways to make your EOFY portfolio reporting an easier and more seamless process. Trust me, the sooner you start on the three areas above, the sooner things will get easier for you!
Disclaimer: information supplied by BInvested Group. While due care is taken, the viewpoints expressed by contributors and/or sponsors do not necessarily reflect the opinions of Your Investment Property.
Remember, we’re halfway through the calendar year now – a great time to review your 2014 goals. Check if you are on track to achieving them and if not, seek some professional advice. At BInvested, we offer individual MAP sessions, to help you understand your financial situation and find the best ways to achieve your goals – visit our website for more details!
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