Wads of crumpled, faded receipts taunt you from your desk draw; you attempt to travel back in time via your bank statements; you search emails for invoice; incomplete spreadsheets provide you with more questions than answers; and you wonder whether trying to lodge your property investor tax return on time causes more stress and anxiety than what it’s worth.
If you’re like most property investors, you dread the end of financial year – every year! Can you relate to any of these 7 biggest problems for property investors?
1. FOMO – Fear of missing out
Are you afraid you’re missing out on what you deserve? Missing out on property tax deductions is frustrating for all investors, no matter which stage of the property investment journey you’re in! In an ideal world, you’d feel confident that you’re getting your full tax entitlement without having to stress about it.
2. Numbers aren’t your jam
Accountants get really excited about numbers; it’s their jam. But let’s be honest, dealing with numbers all day probably wasn’t what attracted you to property investing. If numbers bore you, you’re not alone. Managing your tax throughout the year shouldn’t be a struggle just because you don’t froth over numbers!
3. Unsure of accuracy (fear of the ATO)
Are you constantly worried you’ve overlooked something really important? Are you familiar with that lingering uncertainty? You could be doing a great job! On the other hand, you could be making really expensive mistakes. Wouldn’t it be nice to just know for sure, so that you can drop your fear of the ATO?
4. Wasting time and money
The majority of property investors are in this game to create long-term wealth and financial freedom. Property investment is supposed to make your money work hard for you, so you can spend more time enjoying life. So why do you feel like you’re wasting so much time and money?
5. Lost paperwork
The document management struggles are real! Do you have difficulty providing your accountant with the information they need in order to help you out? You’d save a lot of time and money if sharing documents with your accountant was quick and easy.
6. Having no idea what your tax position is
Have you ever known whether to expect a tax bill or a refund at the end of the financial year? No? It’s ok, you are not alone. But here’s the fact: if you knew your real-time tax position all year round, you would probably pay a lot less tax! By knowing where you stand, you could make informed decisions that benefit you at tax time, and stay on track to achieving your property investment goals.
7. Lost opportunities!
Without knowing where you stand, it’s impossible to make those big decisions. This means missing out on big, life-changing opportunities. Not only does it lead to lost opportunities, not knowing your tax position also puts you at risk of making emotional decisions, rather than calculated, logical decisions. Emotional decision makers are much more likely to over-capitalise on a purchase, rather than negotiating the best possible price and outcome for their investment goals.
The solution is almost here…
Can you imagine having instant access to all of your paperwork, your income and expenses, cash position, growth forecasts and property statistics – all in one place? We’re talking precise and hassle-free management of your investment portfolio.
There’s some cool digital software launching in Australia very soon that will make life easier for property investors. Designed by specialist accountants and highly experienced property investors, this is going to end your tax anxiety once and for all!
Register your interest today at www.taxtank.com.au