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Taxes

Best way to manage you records for tax with a minimum fuss:

1. Ask a real estate agent to manage the property for you and get them to pay for all expenses from the rent they collect for you and try to avoid paying any expenses yourself

2. This allows you to use the rent collected to pay expenses instead of it sitting in their Trust Account. 

3. At year end they usually supply you a one page summary of all rent received and expenses paid on your behalf. You can than give this one page to your accountant.

4. Avoid paying anything yourself but in the event you have to than simply summarize what you have paid on one page and give this to your accountant. Be careful to avoid recording the expenses paid by your real estate agent as you will run the risk of claiming the expenses twice.

5. You don’t need to give your accountant the receipts but file them away in case you are asked for them in an audit by the ATO.

6. If you have several properties the process is the same. Your real estate agent  will provide a yearly summary for all properties and you should pass this into your accountant.

7. Loans. You can provide the loan statements to your accountant or you can simply summarize the interest paid on your loans on a spreadsheet or a piece of paper.