Quick tips to make tax time easy for property investors
1. Have your property manager pay all of your property expenses
a. Most of them will include this service in the management fee they charge you
b. They can then directly claim any water or other expenses that should be claimed back from your tenants
c. Insurance, rates and strata bills should also be included
Then, their annual statement which summarises all of these expenses might be sufficient to take to your accountant rather than find all of these yourself at tax time.
2. The other statement you need to take with you is your annual statement from your lender which will have the annual interest summary
Two documents to summarise your investment property – how easy is that?!