Investment property tax docs and maybe getting a loan

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ddt
Posts: 7
Joined: Mon Mar 14, 2016 9:17 am

Investment property tax docs and maybe getting a loan

Post by ddt »

I've recently bought an investment property using the money I'd saved up for quite a while, so no finance! I'm actually considering getting another investment property as well (my property manager has already recommended one) but this time I'll need finance. Enough about that, what I'm here to ask is if I should plan ahead for tax right away or will that be easily looked after by my accountant. My accountant says it will be all good but my manager says it may not be so easy… I'm conflicted, anyone can help me with this?

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Otto Dargan
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Re: Investment property tax docs and maybe getting a loan

Post by Otto Dargan »

Hi ddt,

Unfortunately, many people who buy an investment property don’t talk to their accountant until the next year when they do their taxes. As a result, they don’t have the right investment property documents for tax that their accountants need and then they procrastinate with their tax return or waste valuable time trying to find the right figures!

So instead of waiting until the end of the financial year, it can be a good idea to try to set aside the documents you’ll need from day one so that when tax time comes, you’ll be prepared.

You can use our Investment Property Income & Expenses Spreadsheet to give your accountant the required figures. This template is free and simple to use.

You can check out our website for an explanation of the information and figures that your accountant will require.

Our mortgage brokers do specialise in investment loans and know which lenders offer the most competitive interest rates so you can discuss your situation and loan needs, whenever you want to, with with one of our expert mortgage brokers directly on 1300 889 743 or enquire online if that's more convenient.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

ddt
Posts: 7
Joined: Mon Mar 14, 2016 9:17 am

Re: Investment property tax docs and maybe getting a loan

Post by ddt »

Yeah, that does make a lot of sense. My accountant did tell me that they may ask me for certain documents so I think we're all good. Will check out that spreadsheet for now. Yes, I'll be sure to call in once I finalise my decision on getting another investment property.

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