Own an investment property? Implement this from the get-go to make taxation easier…

Don’t make the mistake of going into an investment without thinking about taxation.

Let’s say your property is being used to generate income at any time. Ensure to:

• figure out which expenses you can claim as deductions
• work out whether you need to pay tax instalments throughout the year
• declare all rental income in your tax return
• consider capital gains tax when you sell

Record-keeping

• maintain records straight from the start, for as long as you own the property.

• in order to make this process as easy as possible, set up a record-keeping system. For example, use a spreadsheet or other software
• Keeping proof of any transactions ensures you can claim everything you are entitled to

Too busy, and struggling to find the time to do this? Working with a tax professional can make this process easier. Feel free to contact us today to discuss how we can help!