We all know that good record keeping means a better tax return. As an investor, the last thing you want is to be losing money because of badly organised paperwork. After all, the main reason for starting a property portfolio is to get ahead financially, so it makes sense to stay on top of your property tax record keeping.
To be a tax-smart investor you need to adopt a business-like approach and this means getting all your documentation in order from the start. This includes knowing what expenses can be claimed and declaring all rental-related income in your annual tax return.
Few people enjoy doing their paperwork but it is an essential part of making sure you are maximising your investment.
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