The affordable cloud-based tax software that property investors should have

The affordable cloud-based tax software that property investors should have

Australian fintech TaxTank allows property investors to monitor their overall equity, cash position and tax position in real time to make smart investment decisions and maximise their tax deductions.

With the real estate environment in Australia changing rapidly with inflation and rising interest rates, property investors will likely have some important decisions to make in the coming months, and cloud-based tax management software TaxTank is there to help.

A recent survey conducted by TaxTank revealed that one in five (20%) of property investors know little about their current equity position, only 34% know their cash position well, and only 21% know their tax position well.

“Knowing and, even more importantly, understanding the performance of each property is crucial when buying and selling assets, and let’s not forget about capital gains tax (CGT) which often catches investors off-guard,” said TaxTank Founder Nicole Kelly (pictured).

In addition to growth forecasting, the one of a kind cloud-based software allows property investors a transparent, real time view of their cash and tax positions for informed decision making. Calculating CGT is also quick and simple with smart tax tools.

“We created TaxTank because we know how vital solid record keeping is for property investment success, and we wanted to give investors a simple, affordable tool that empowers them to take control of their property tax. Our software gives investors 24/7 oversight using live bank feeds, integration with third parties such as CoreLogic, built in smart tools and permanent document storage to ensure deductions are not missed, misunderstood or disallowed by the ATO,” said Nicole.

TaxTank is designed by accountants and property investors to make life easier with automatic tax tracking for invoices and automated depreciation, saving time and effort.

The software is straightforward enough to be used by self-managed property investors or in conjunction with a professional accountant for a seamless experience and tax time confidence.