Building a property portfolio can be similar to running a small business and it is no easy feat sometimes. By doing so, you demonstrate you are wanting to create better financial security for yourself, reduce your risk, have determination, and that you also have a keen business sense.

We asked Wealthology’s most savvy investors to share their top 5 dirty little secrets so you too can avoid the common mistakes which most investors make. 

In this blog we share the best ‘tax man’ hacks but if you’d like to learn about the rest you can find them in our handy e-book – The 5 Dirty Little Secrets for Savvy Property Investors.  

You too can be a Savvy Property Investor with these essential tips.

Building an investment property portfolio is a journey and we believe it will be in your best interest to hire a professional accountant who specializes in property and here’s why:

Increase Your Weekly Cash Flow Legally

If you are a property investor you may be eligible for the Governments PAYG Withholding Variation, which is by far the quickest and easiest way to legally increase your week-to-week cash flow as an employee and investor.

An Income Tax Withholding Variation is an annual application made to the ATO to vary the amount of tax withheld from your salary each pay by your employer. It is by far the quickest and easiest way to legally increase our week-to-week cash flow as an investor. 

It simply means that a taxpayer who is entitled to a refund at the end of the year can access the funds each pay period, rather than waiting until their annual tax return is completed and lodged.

Keeps You on Track and Helps During Confusing Tax Times

Hiring a professional accountant keeps you on track with all of your payments, expenses, bookkeeping, and financial development. Having someone who handles your finances also decreases the potential for your property portfolio to be in financial risk because it eliminates the possibility of mistakes occurring. Bookkeeping records are essential as it keeps track of all financial interactions that occur and ensures detailed records take place. Plus, you can foresee potential financial gains.

Tax forms can be tedious and often are extremely confusing to someone who is not familiar with how the system works. Having a personal accountant can help make sure that all of your ducks are in a row, the correct paperwork gets filed, and that you don’t fall behind since they are specifically experienced in property tax matters. 

In addition to doing your taxes for you, professional accountants can guide you and give advice on any tax-related issues or decisions. Nobody wants to deal with the ATO, and a personal accountant practically guarantees you’ll never have to have that concern.

Can Mentor on Financial Decisions

Keep in mind that professional accountants are exactly that – a professional in their field of work. They may have great advice about investments you are planning on taking part in and guide you on the best decisions to make depending on your financial position and goals. 

An accountant may offer useful strategic planning tips and work with Wealthology to ensure you set up a property portfolio strategically, ensuring you are financially stable.

Having a reliable personal accountant can benefit you in multiple ways. If you are considering hiring an accountant or are looking to talk to someone about what your options are when it comes to someone else handling your financial needs, we are happy to provide a recommendation. 

Together we can invest to make your financial future secure.

“Be wary of strong drink. It can make you shoot at tax collectors… and miss”. 

Remember, you can find the rest of our ‘tax man’ hacks HERE and if you’d like to sign up for our latest news register HERE.