Fail to plan
Is it really THAT time already?
Time to get ready for provisional tax returns. Urgh! Does the very thought of preparing all the documentation for your accountants make your head spin?
Add multiple properties to your usual tax load and it can feel completely overwhelming.
But wait, there is some good news! It doesn’t have to be like that.
Implement a few simple systems to automate your life and you will be on top of things again in no time.
Here are some top tips to get you on track:
I use Smartsheets to track the month end tasks, it helps take the ‘thinking’ out of the process and I can simply work through my list, check off the items and rest assured that everything is up to date and the tenant at Riviera Street won’t wake up to no power due to non-payment of municipal bills. And yes, that has happened in the past. Awkward.
Set up folders on your laptop to save all the documentation to. At the end of every month, save the relevant document to the relevant folder. I know it might sound like a mission because “Tanya, do you ANY idea how many series I have to catch up on Netflix?” But just do it, you’ll thank me later. Create a separate folder per property. Break that folder down into:
Bond statements
Building Insurance (if not with the bank)
Rates & Taxes Invoices
Levy statements (incl. Water and Electricity)...if in a complex
Rental invoices...if you are managing the property yourself
Managing Agents invoices
Repairs and Maintenance
3. Our Managing Agents keep track of all:
Rental invoices
Repairs and maintenance
Rates & Taxes Invoices
Levy statements (incl. Water and Electricity) (if in a complex)
They email all the documents directly through to our accountants. That takes a huge chunk of admin off me, bonus!
You might think you don’t have time to get all that in place, don’t have time for all this property nonsense anyway.
Take a deep breath and put some systems in place because the old adage "fail to plan, plan to fail" holds true, even in property investing!
