Even if you use a tax agent to prepare your tax return, it is important that you keep copies of documents and records relating to:
- the costs incurred when you purchase a property;
- the rental income you receive;
- expenses you incur while owning the property;
- the 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 as it 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, get in touch with your accountant well ahead of tax time.
DISCLAIMER - The information provided is for guidance and informational purposes only and does not replace independent business, legal and financial advice which we strongly recommend. Whilst the information is considered true and correct at the date of publication, changes in circumstances after the time of publication may impact the accuracy of the information provided. LJ Hooker will not accept responsibility or liability for any reliance on the blog information, including but not limited to, the accuracy, currency or completeness of any information or links.
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