Property

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Over the 2009/10 financial year there were 1,751,679 individuals that received rental income (owned investment property). The number had increased by 3.5% from the previous financial year. Of these 1,751,679 individuals, 1,110,922 individuals or 63% made a loss on their rental income; the remaining 37% of individuals turned a profit on their rental properties.  Read more

With the end of the financial year just around the corner property managers and investors need to consider a wide variety of factors when preparing for taxation.

Most investors are likely to agree: the caliber 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 and time consuming.

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  Read more