MyBMT’s new “Income and Expenses” tool makes it easy to record and track property costs, so you don’t forego any deductions at tax time.
Those with a tax depreciation schedule can record rental property income and expenses with the click of a button.
The tool has specific categories like body corporate fees, cleaning costs and insurance to simplify your expenditure. It also calculates your net rent, depreciation and total outlay so you can stay abreast of your financial position.
Weekly, fortnightly or monthly email or SMS reminders can be set up to update your expenses, ensuring you stay on track.
Once your rental property income and expenses are recorded, you can download a copy of an annual report. This can be shared with your investment team by clicking the “Email my accountant” button. Not only does the new feature benefit investors, it makes it easy for your accountant when they complete your tax return.
The information from MyBMT’s new “Income and Expense” tool can be used in PropCalc to calculate the cash flow required to buy and hold a property.
PropCalc allows you to customise data and factors in rental income, the number of weeks rented, annual income and any depreciation claims available for income producing properties.
It also accounts for a range of expenses such as interest, stamp duty, the deposit amount, insurance, council and property management rates, body corporate fees, repairs and maintenance costs.
The data provided by both PropCalc and the “Income and Expenses” tool can help you to maximise your cash flow and expand your investment property portfolio.
MyBMT is a free comprehensive online portal designed to help you access and manage all your property investment and depreciation needs.
It offers a range of other features to stay informed about the property market and complete the research necessary when buying a home or an investment.
Some other MyBMT features include:
- Schedules and policies: View, update and download depreciation schedules. Request and manage property insurance
- Record keeping: In addition to tracking property income and expenses, you can upload files, photos and receipts and share with your accountant and other members of your property investment team such as your real estate agent or your property manager
- PropCalc: Calculate the after-tax holding costs for any property. Compare properties and determine which best meets your needs
- Research and insights: View market data, see nearby planning applications and generate a valuation for your property
Register for MyBMT today to start recording your investment expenses, request a tax depreciation schedule and much more.
BMT Tax Depreciation is Australia’s leading supplier of residential and commercial tax depreciation schedules.
Bradley Beer (B. Con. Mgt, AAIQS, MRICS, AVAA) is the Chief Executive Officer of BMT Tax Depreciation. Please contact 1300 728 726 or visit bmtqs.com.au for Australia-wide service.
