Even if you use a tax agent to prepare your tax return, it is important that you keep copies of documents relating to your investment property, including:
- costs incurred when you purchased the property
- the rental income you receive
- expenses while owning the property, such as repairs and maintenance
- costs associated with selling the property
You may need to keep some of these records for longer than five years, depending on how long you own the property. This will help you work out the capital gain or loss on your investment correctly and ensure you do not pay more tax than you need to when you sell.
To find out everything you need, be sure to get in touch with your accountant well ahead of tax time.
Fitzpatricks
Established in 1950 by the late Geoff Fitzpatrick. We strive for excellence in our field, we aim to provide the best real estate service to the people of Wagga Wagga, embracing the highest standards of expertise, professionalism and integrity.