Tax deductions you can claim on your investment property
Investment properties (or properties used for income-producing purposes) have unique tax deductions that you can use to ...
A new app promises to help maximise tax returns for Australian residential property investors.
Launched on Monday, the new finance-based smartphone application Abakus Apps is aimed at helping users self-manage their investments, maximise their tax return and obtain an estimate of their tax position at any time during the financial year.
Users can enter their property and financial details into the app to receive information about their pre- and post-tax position and deductions, rental yield, total running expenses and cost base tracking of the property.
Property investors are also able to upload to the app receipts and documents including an Offer of Acceptance or a Settlement Statement as well as their personal expenses and individual tax-related deductions.
Brenton Tidow, founder and managing director of Abakus Apps and a property investor himself, commented that managing his assets was “always strenuous”.
“The amount of time spent tracking transactions linked to property ownership can take the joy out of investment,” Mr Tidow said.
“The goal is to simplify the tedious administration involved with financial management for property investors and present important and readily available information.”
Abakus is available through the iTunes Store for iPhones and the Google Play Store for Android devices.