Property investment can be a goldmine when done right. This is why it has seen a huge increase in the last couple of years. Coupled with the ease of finance and low interest rates, the property market is incredibly hot and showing few signs of cooling. With an increase in popularity comes an increase in things that can go wrong. This means that the ATO has become even more vigilant with their checking and following up, making it nigh on impossible to slip any undeclared income or sly cheats past them.
They take care of the numbers, spreadsheets, and so much more
This is why it is important to employ the services of qualified investment property tax accountants and ensure you are always within the bounds of the law. An experienced specialist will make sure that everything in order and provide oversight to prevent anything important being missed. They will offer a valuable point of contact when you need information, answers, and general advice. Often people cite the expense of an accountant as a reason to wade through the numbers themselves, but the cost becomes insignificant when compared to the stress, cost and hassle of audits and penalties.
An ally throughout every stage of the investment process
An accountant isn’t just for tax time however. They are important at the purchasing and planning stages, analysing cash flow and profitability. They assist in maintaining accurate records for the ATO, follow up with compliance and the preparation of tax forms required by the authorities. They can help you assess factors and make changes to your financial situation. A professional accountant is invaluable when it comes to providing an objective sounding board off whom you can bounce ideas and get unbiased advice.
Ideal regardless of your experience
There are a lot of important decisions to make when you embark on an investment property journey. Your accountant will be there to help you decide what your risk profile is, whose name the property should be in, whether you should structure the property in a trust, how much the structures will cost, what the land tax liabilities will be, and a whole host of questions you may not even know to ask. Part of their job is to provide guidance and assistance, making them worth their weight in gold for people who are inexperienced in the property industry. Even the most seasoned investor has a lot of gain from relying on a property investment tax accountant. With so many facets to consider and control, having an expert alongside you will ensure a smooth process from start to finish, whether it is your 3rd or 30th property.
For your peace of mind
Accuracy at tax time is the most vital attribute to have. Without it, you open yourself up to all manner of pitfalls, which can lead to legal issues, penalties, and many sleepless nights.