Investment property tax checklist

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13 / Jul / 2010

Smart Company E-Newsletter 12 July 2010
Most investors are likely to agree: the calibre of a property manager is often measured by their record keeping and reporting standards; at least this is true at the end of the financial year. The standard of record keeping and reporting can make or break a tax return. If the records aren’t up to scratch, then providing appropriate and correct information to the tax office can be very difficult.

Quality record management is something that needs to be ongoing; so if you find that it is not up to scratch this year, make sure the bar is reset and your portfolio is being managed appropriately in the new financial year. Record keeping for the end of financial year can be broken down into three distinct areas: income, expenses and depreciation.

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