How to maximise your property tax return as DIY accountant
Preparing your tax return is few people’s idea of fun: in fact, it’s usually a fraught time of year, with missing receipts and misfiled paperwork potentially costing landlords a mint.
It’s a frustration that property investor Brenton Tidow knows only too well.
With a number of properties under his belt, he became increasingly annoyed at the amount of time, money and energy he was spending to ensure he wasn’t missing out on potential savings on his tax return.
So, he created Abakus Apps, a finance-based smartphone application that he hopes will help everyday Australian residential property investors to make property tax management more convenient, more efficient, and more friendly on their bottom line!
He believes so strongly that his simple app can help investors that he even sold one of his own properties to fund Abakus, which is like a massive, methodical Excel spreadsheet that has been streamlined with intricate algorithms that feed into the app.
“As a property investor, managing my assets was always strenuous and I knew there had to be a better way of handling things, especially in this day and age of advanced technology. The amount of time spent tracking transactions linked to property ownership can take the joy out of investment,” Tidow says.
“The goal is to simplify the tedious administration involved with financial management for property investors and present important and readily available information at your fingertips.”
Using the app, landlords can keep track of property expenses and keep on top of paperwork associated with property ownership. Receipts and documents such as an Offer of Acceptance or a Settlement Statement can also be uploaded safely to the cloud.
Once property and financial details are entered in Abakus, the user can also access information including pre and post-tax position and deductions, rental yield, total running expenses, and cost base tracking of the property.
Of course for some investors, nothing will replace the value and benefit of using an experienced accountant to manage your tax and maximise your return.
But for those who want to retain control of their tax affairs without retaining the complexity, Abakus – a subscription, cloud-based app with a monthly fee of $5.99 for an unlimited number of properties – could put you firmly in the driver’s seat of your taxing financial affairs!