CAN I TAX DEDUCT FOR MY HOURS SPENT ON DOING ADMIN AGAINST MY PROPERTY?
Stacey from Facebook asks, “Can I charge for the hours I spend on admin, doing paperwork against my properties and tax deduct this?”. Nathan is not accredited to offer advice on the tax deductions investors are allowed to claim. If keeping on top of your paper work is taking too much time, however, you may want to consider using My Property Tracker.
TIME AS A TAX DEDUCTION
If you would like to know whether you can claim the time you spend sorting through your investment paper work against your tax, it is best to speak with your accountant or a qualified tax agent.
MY PROPERTY TRACKER – A DIFFERENT APPROACH
My Property Tracker offers a web-based solution to your investment book-keeping needs. Simply take a photo of each bill or document that comes in and send it to your MPT email address. The MPT team will take care of the rest. No more filing bills and getting lost in spreadsheets! Since the bookkeepers at MPT enter your data and archive your documents as they come in, your admin is always up-to-date, allowing you to have a clear picture of how your portfolio is performing at any time of the year. And, it’s not just for your bills. Send in every piece of paperwork for your properties, including original contracts of sale and Pest and Building reports, and the MPT team will securely archive them for you. In fact, since the ATO now accepts good quality digital versions of documents as proof when auditing your tax, you have the option to throw away your paper documents.
MAKING TAX-TIME A BREEZE
When it comes to preparing for tax, many investors have the painstaking task of compiling documents related to all of the incoming and outgoing costs of each property. For MPT clients, tax–time preparation is reduced to the click of a mouse. Simply click on the run report function to generate a detailed summary of each property to give to your accountant – it’s that simple.
HOW MUCH DOES IT COST?
Using MPT costs $9 per property, per month. When you consider how much time MPT saves you – and when you consider how much your time is worth – it becomes clear that this web-based bookkeeping service offers value for money. It is also tax-deductible.
It is always wise to talk with the experts and explore every option available before making any financial decision. OnePath Accountants are experts in property investing and the Australian Taxation system. Call them on 1300 686 069, or send an enquiry here.
Have you discovered the amazing benefits that My Property Tracker has to offer? Please share your experiences in the comments section below.