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Property investor tax returns just got a whole lot easier, better and less expensive

Completing a tax return for your own income tax as well as rental properties can be stressful!

Not to worry you too much but, when it comes to investment properties, the tax man is always watching!

In fact, the ATO has even gone so far as to warn investment property owners to ensure their tax affairs are in order come tax time, lest they come under scrutiny amidst an increasing number of ATO audits.

The numbers don’t lie

Tax time is stressful for a lot of people. But if you’re a property investor, it can be even more so. Not only do you have to worry about your own tax return, but you also have to think about the investment property and how it will affect your taxes.

Our recent survey revealed that feelings of dread and things being out of control were seen at double the rate in property investors as they were within the general populace.

We found that 40% of property investors feel uncertain, stressed, overwhelmed, or filled with dread at the thought of completing a property investor tax return. Whereas similar sentiments are shared by only approximately 20% of the general population.

Our poll also showed that 28% of property investors are spending more than $500 on their yearly tax returns.

Many Australian property investors have normalised the idea that tax time means uncertainty, becoming overwhelmed, and paying exorbitant accountant fees.

But it doesn’t have to be this way.

The best way for property investors to get ready for tax time

Investment property tax deductions help you get the best possible tax refund

You promise yourself this every year, yet somehow still fail to deliver. But being more proactive and getting organised early really is the best way to mitigate the experience of becoming overwhelmed come tax season. Not only that, it is a sure-fire way to save you by maximising your tax deductions.

The first step is to make sure you have all your investment property documentation in order. This includes things like tenancy agreements, rental income information, mortgage documents, interest statements, depreciation schedules, and receipts for any repairs or renovations you may have carried out.

Once you have all that sorted, the next thing to do is figure out which tax deductible claims you can claim. This will depend on a number of factors, such as the type of investment property you have, whether you’re an owner-occupier or tenant, and what expenses you’ve incurred.

For example, if you’re an investor who owns a residential property that is rented out, you may be able to claim tax deductions for things like interest on the investment loan, tenants body corporate fees, property management fees, insurance, and council rates.

But it’s not just about claiming deductions – you also need to make sure you’re getting the right tax return.

There’s no need to overpay on your property investment tax returns

Selling your rental property? TaxTank features a capital gains tax calculator that shows you what amount to pay capital gains tax

If you’re like most property investors, you dread completing your tax return each year. The process can be long, tedious, and, worst of all, end up costing you more money than it needs to.

You bought your investment property for a reason: to make money. So why, then, are you giving so much of your hard-earned cash to the taxman?

You might think completing your own tax return when you own rental property is fraught with danger. It’s all too easy to make a mistake that could cost you dearly – both in terms of money and time.

And, even if you do manage to get it right, there’s a good chance you’re not claiming all the tax benefits and deductions you’re entitled to.

How the ATO tries to help

Yes, the ATO hands out some useful advice, like their record-keeping tips. But it’s one thing to be told what to do, and entirely another to invest in tax-help software that does it all for you! More on that in a moment. The good old ATO even try to clear up any confusion about keeping an up-to-date rental property schedule.

But, as any property investor knows, tax rules are constantly changing and it can be hard to keep up.

What’s more, if you make a mistake on your tax return, it can take months – even years – to sort out. And in the meantime, you’ll be worrying about an impending audit.

When it comes to tax time, many people feel like they are at a loss. They don’t understand the tax system, and they feel like they can’t do anything to change their tax position.

What’s needed is an innovative tax help tool

Owning investment property means you are entitled to claim depreciation deductions as a tax deduction

A recent survey conducted by TaxTank revealed that 1 in 10 Australians admit that their approach to tax time borders on the chaotic, with receipts and invoices, left unorganised and tax returns filed at the last minute.

This lack of organisation and understanding can be costly, with the ATO issuing penalties for the late lodgement of tax returns. Why put yourself through all that when you don’t have to?

Wouldn’t it be great if there was an easier way to manage your own property investment tax return without having to pay expensive accountant fees?

Doing your investment property tax return remains a key to financial health

Why? Because it allows you to take back the power and control over your own tax affairs. It gives you certainty about your tax position and can help you unlock serious savings and investment opportunities.

Let’s break these factors down a bit further.

When you do your tax return yourself, you are in control of the process. This means that you can ensure that everything is done correctly and on time. You won’t have to rely on someone else to get things right, and you won’t have to worry about being penalised for mistakes.

Doing your tax return also gives you a better understanding of your tax position. This knowledge can be used to save money in the future, by making sure that you are claiming all of the deductions that you are entitled to.

It can also help you make informed decisions about investments and other financial opportunities. For instance, if you know how much tax you will be paying on a potential investment, you can make a decision about whether or not it is worth pursuing.

So, if you’re looking to take control of your finances and save money, doing your own tax return is a good place to start.

Tax time and stress levels

To some people, doing their own tax returns seems daunting. To others, there is the worry that they will make a mistake and be penalised by the ATO. And to others again, they believe they don’t have enough knowledge and experience with tax laws to achieve the best tax return possible for themselves.

But, with a bit of organisation and planning, doing your tax return yourself is not as difficult as it seems. And, the benefits are well worth the effort.

There are a number of resources available to help you get better at doing your own rental property taxes.

The Australian Taxation Office (ATO) website is a great place to start, as it provides a range of information and tools to help you understand the tax system and your obligations.

Beyond that, there is TaxTank

TaxTank is the key to optimising your tax deductions s an Australian property investor

TaxTank not only ensures you are claiming the maximum allowable deductions for your unique circumstances, but with its cloud-based software, it makes tax time a breeze by automating tax return processes and storing all your important tax receipts and documents in one place.

Plus, TaxTank is the only tax-help platform that allows you to see your tax position year round. This is a great innovation as it means you can start to plan and take advantage of tax opportunities as they arise, rather than waiting until tax time to find out what you could have done.

This is where TaxTank comes in

When it comes time to pay tax as a rental property owner, ensure you are getting every tax deduction to which you are entitled with TaxTank.

We’re here to help you with your property investment tax return so that you pay only what you owe – no more, no less.

According to our research, more than half (56%) of all property investors do not consider the tax system fair. But are they correct? Or, are most property investors not knowledgeable enough about property tax laws to achieve a fair property tax outcome?

We believe that it’s the latter. And we’re on a mission to change that!

At TaxTank, we want to help property investors like you get the best possible outcome from your property investment tax return. We do this by providing easy-to-use software that takes the guesswork out of completing your return.

We’ll help you claim all the deductions you’re entitled to and avoid making any costly mistakes. And we’ll do it all for a fraction of the cost of using an accountant.

If you’ve been thinking about doing your own property investment tax return, then TaxTank is the perfect solution. We make it easy, affordable, and most importantly – stress-free!

We help you get the best tax return for your investment property

TaxTank can help you get the most out of your deductions and ensure you’re not paying a cent more in tax than you need to. Why not take us up on our offer of a 14-day free trial of our tax help platform? What have you got to lose apart from overpaying on your property investment tax return?

Make investment property ownership a breeze by making the maximum tax deductible claims allowed.

TaxTank takes the guesswork out of preparing your investment property tax return.

This is especially important if you own investment property, as there’s more to think about than just your personal tax return.

At TaxTank, we understand that property investors have unique tax needs and requirements. That’s why we’ve designed a tax tank specifically for them.

We can help you maximise your investment property deductions and ensure you get the best possible tax return. And we’ll do it all without charging you an arm and a leg.

So if you’re looking for a stress-free way of getting the best tax return on your investment property, save all the last-minute scrambling around and ensure that everything is in order come tax time with TaxTank.

Sign up for our free 14-day trial and see the difference TaxTank can make to your property investing journey. Your future tax-confident self will thank you!


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Important Tax Deadlines

For all incomes earned between 01 July 2023 – 30 June 2024.  

Tax returns can be lodged from 01 July 2024. You can prepare early with TaxTank so you know exactly what’s going on ahead of time.

For all incomes earned between 01 July 2022 – 30 June 2023.  

Tax returns are now OVERDUE.  

You can use TaxTank to get up to date and lodge with our partner accountants.

Tax returns are OVERDUE.  

You can use TaxTank to get up to date and lodge with our partner accountants.

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