Bought an investment property? Here’s an App to help you do your taxes

We’re the first to admit that owning property is a tough nut to crack, but for those who’ve made the jump to property ownership, a new app will help you make property tax management that teensy bit easier.

If you’re reading this and have purchased an investment property, or have just bought your first home, or are even hoping to break into the market in the next few years it’s good to be armed with as much information as you can get on the most dry of subjects: property tax.

Considering there are some pretty decent tax breaks for property investors, it really pays to be on top of your property-related taxes. Thankfully, a new app launched today will help. Abakus is a comprehensive tax management system aimed at Australian residential property investors.

The app aims to help users self-manage their investments and maximise their tax return, so that they can keep on top of tax requirements and paperwork associated with property ownership.

By adding your property and financial details into the app, Abakus will be able to provide top-notch advice on deductions, rental yield, total running expenses, and cost base tracking of the property. Documents and receipts like your Offer of Acceptance or Settlement Statement can easily be uploaded to the cloud, where you can store all files associated with the property.

At any time during the financial year, owners can get their hands on an estimate of their tax position using the app. On top of all that, Abakus will help with other aspects of your personal tax return by allowing users to enter personal expenses and keep all tax-related deductions in one place.

Managing assets isn’t easy, especially if you struggle to wrap your head around the basics of taxes season. Abakus will hopefully help ease the sting of it all through an efficient and convenient interface that just so happens to live in your phone. Very handy.

The app works via a subscription service with a fee of $5.99 per month, with the first month free to new subscribers. It’s available in the iTunes store and on Google Play for Android.

Article reproduced from TheCusp
by Rebecca Russo

Centra Wealth Group
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Zac Zacharia (Managing Director) has been assisting clients to create wealth and secure their futures for over 14 years.

He is also an accomplished presenter and educator

Co-authoring the popular investment book, Property vs Shares.