Things You Should Know About Tax And Property Investment​

As the saying goes, nothing in life is certain except for death and taxes! That must be why we all panic a little bit when it comes to tax time. No more, we say! We’ve found a nifty little helper to keep you on track and make tax time the most wonderful time of the year. TaxTank is web-based smart software, giving you a home for all your investment property tax goings-on. As you use it, it offers personalised tips so you can feel in control of how much tax you pay. But there is some advice that applies to everyone.

Keep that finger on the pulse

Whether your property portfolio is fledgling or full-as: you need a consistently clear view of your debt, equity and cash position. If you have to scramble with a little bit of hair pulling when asked about these things, you uh, aren’t doing it right. With a TaxTank set-up, you can keep track of your estimated tax position in real-time. Avoid the panic of a rush-job! Use TaxTank’s smart tools for managing your whole property portfolio, including homes and investment properties owned in trusts and companies.

No plan, Jan? It can cost you money

Chances are, you don’t know the entire tax system off by heart. If you’re anything like us, tax filing is like a haunted house full of trap doors, two-way mirrors and a constant distant screaming. When stuff intimidates us (much like the aforementioned horror house), we tend to rush through it in hopes it will be over quickly. When it comes to tax, however, this could be a costly mistake indeed. Without a correct and highly detailed tax return, you’re not getting your highest possible refund. TaxTank offers you one central spot for you to keep every tiny detail stored as you go, ready to use oh-so-easily come lodgement time.

Stop, collaborate and l…oop your accountant into your progress

Thanks to TaxTank offering instant messaging and invitation access, you can get real-time answers from your accountant. They can also monitor your tax position and easily step in with expert advice. For example, let’s say you’ve uploaded a batch of receipts for a recent repair to the roof. Your accountant looks through them and realises you’ve accidentally substituted the paint receipt for the one from the sausage sizzle you guzzled on the same outing. Without TaxTank, it could be months before you realise the mistake - and little mistakes like that add up.

Now, we’re not accountants. But does it make sense to us that you incorporate a user-friendly system giving you more control over how much tax you pay? Uh… yeah! Owning an investment property comes with a whole stack of things to worry about. Get yourself a TaxTank account to help ease your burden.

Sign up for a free 14-day trial here!

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