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Investing in Property

What Property Investors need to know at tax time

The end of the 2013 Financial Year is fast approaching, and it is time to consider who you will choose to assist you to prepare your taxation return so you can be sure to maximise your tax refund or minimise your tax liability.

Not all Tax Accountants are the same

You would think that any qualified tax accountant can prepare a tax return for a property investor.  Well, that depends on the standard of quality and expertise you are looking for.

With the ever increasing amount of compliance and tax legislation being introduced by the Government, it is becoming more and more difficult for an accountant to be “all things to all people” and to do it all extremely well.

The more pro-active accountants’ who are focused on providing their clients with high levels of expertise, quality work and advice, are choosing to work in niche markets of tax legislation where they can excel and provide real value to their clients.

Property Investors who are looking to grow wealth through property investing should be seeking out a Taxation Accountant who specialises in property tax accounting services and advice, and who has the experience and credentials to match.

A good investment property accountant will be aware of ways you can grow your wealth without having all your profits eaten away by taxes and will help you to:

There are many property investors that have paid far more tax than they needed to simply because their accountant, who wasn’t a property specialist and/or investor themselves, did not tell them or did not know what they needed to be aware of to create a tax deduction and minimise their clients’ tax payable.

Look for an accountant who has a personal interest in property investment and who has the knowledge that you need, who also will take the time to talk to you and who is available when you need them.  Find an accountant who keeps up to date with what is happening in the property investment arena from a taxation perspective, who understands the various entities available to investors and which entity best suits your needs and goals.  And when you find a suitable accountant be willing to pay for good quality services and expertise, after all they are helping you build your property portfolio and assisting you to grow your financial wealth.

What to provide your Accountant at tax time

A good property investment accountant should be able to provide you with a checklist to assist you to capture all the information they require to deliver to you the most accurate and tax effective tax return.

However, where this is not the case, it is essential that you provide your Accountant with everything they may require.  You will need to provide your Accountant with a detailed summary of all your income from the property and related expenses, whether they are cash or non-cash expenses, and include the receipts which support these expenses.

Ideally you should create a file for each property you own so that, throughout the year, you are collecting and filing the required information and then giving them to your Accountant at tax time.  Included in your file, your Accountant will also need the following information:

By supplying all this information to your accountant, they will have all the information they need to be able to optimise your tax return, and the sooner you will be able to afford to re-invest and continue to grow your wealth.

Paul Baggetta, Founding Partner and Principal of Baggetta & Co, has been a Taxation Accountant for over 32 years, a Financial Planner since 1998 and in 1983 qualified as a Real Estate Licensee holding a Triennial Certificate (currently not trading), and operated his own Real Estate business for over 5 years as a second business.

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