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!
Not knowing your tax position puts you at risk of making emotional decisions, rather than calculated and 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.
Sticking to the budget is key, and investors must be prepared to walk away from a property they love if the numbers don’t stack up. 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. Cloud-based tax software like TaxTank can provide property investors with interactive reports and real-time data to ensure the right opportunities are never missed!