plenty of land available to build your new home


appliances in rental properties


keeping on top of your paperwork

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blog_photo_paperworkEven if you use a tax agent to prepare your tax return, it is important that you keep copies of documents relating to your investment property, including:

  • costs incurred when you purchased the property
  • the rental income you receive
  • expenses while owning the property, such as repairs and maintenance
  • costs associated with selling the property

You may need to keep some of these records for longer than five years, depending on how long you own the property. This will help you work out the capital gain or loss on your investment correctly and ensure you do not pay more tax than you need to when you sell.

To find out everything you need, be sure to get in touch with your accountant well ahead of tax time.