Tuesday, 09th June 2015
Your residential property investment is a business - and all businesses need to earn their keep.
The best gift your business can give you is a decent tax return, which makes keeping track of your expenses a must.
Unless this is an ingrained habit, it's easy to fall behind with paperwork or even recording what the expenses were in the first place.
You need to create a system that suits you and your accountant, then stick to it - don't leave it until the night before your annual tax appointment.
Remember the Taxman can contribute $1,000's to your expenses if they are recorded correctly.
That old shoe box or a cheap concertina folder could become your best place to keep receipts…
Alternatively, I have developed a simple Excel spreadsheet to record expenses which could simplify your life and investment property business.
To receive a FREE copy of this spreadsheet, simply email Christine.
You will need to note your approval to be added to our data base and provide your name, address, email address and mobile number.
Be totally assured that under the privacy act, your details will not be given to any 3rd party without your permission to do so.
Remember, when it comes to tracking your expenses, keep it simple and stay consistent - you'll thank yourself come tax time.
Until next time,
From the desk of Christine.