Why you need tax accountants for rental properties in Narre Warren

Irrespective the number of rental properties you have, it is imperative to have an income and expense information maintained for tax purpose. All these information are required to be produced every year while furnishing annual income tax return. By using depreciation deduction coupled with total expense information, you can avail discount on taxes for sure. However, it is possible when you have the adequate knowledge of tax saving hacks or have knowledgeable tax accountants for rentalproperties in Narre Warren.

Various types of rental properties

There are several types of rental income and landlords usually don’t have the idea how to show their income for tax purpose. Let’s suppose you received rent in advance or your tenants paid you to cancel the lease, in either of the cases, you have to include those transactions in your log book for tax return. Even if you have a Laundromat on site, you have to take that into the account as well. If you fail to make these incomes transparent to the national income department, chances are that you may have to face charges for faking taxes.

Ideal businessmen hire tax accountants for rental properties in Narren Warren to keep separate expense list of building maintenance, water, garbage handling, and for any other service that is billable.

Deductable Expenses

Are you aware of all kinds of deductable expenses? Otherwise, your tax amount will swell for no reason. For example, you can always deduct mortgage and property taxes, legal fees, accounting service charges, and property insurance expenses from your rental property operation. There can be two types of utility expense- on-site and common area- both are deductable. If you are too busy to handle your properties and have hired a management firm, you can deduct that expense as well.

If you have a property, it is a common thing to get it repaired from time to time. Also, in order to keep tenants happy, the properties will demand periodic maintenance from time to time. They are called Capital Investments. Interestingly, you can skip all those expenses for taxes provided they do not increase your property value. New rental owners usually don’t have these ideas and end up paying more taxes than required. That’s where the role of tax accountants for rentalproperties in Narren Warren becomes important.

Annual Rental Depreciation

Rental property depreciates with the passage of time and you can deduct your annual depreciation value upfront. There are various methods to calculate the depreciation. You can either use Modified Accelerated Cost Recovery System or can use straight-line method. Some people also use declining balance method to save more. Though you can calculate by yourself, it will be a tiresome method. On the other hand, expert accountants can make your job easy. They can do the math immediately and can help you save more than your imagination.

Different methods of accounting

There are two different methods of accounting- Cash Method and Accrual method. In the first case, the calculation is pretty straightforward – cash received is recognized as income and vice versa. That means, when you receive a rent, it is considered as an income and when you pay a bill, it is recognized as an expense. However, when you use Accrual method of accounting, you do the same things differently. In this case, the payment is due, it is considered as the income. That means, if your rent is due and you have not received the payment, you can deduct that from your gross income.

Isn't it fascinating? Lots of landlords save their money in this way. They simply hire expert tax accountants for rental properties in Narren Warren and let them handle the hassle. You can also do the same to save your time, energy and money just by hiring expert accountants who have experience of handling account service for many rental property owners in the city. When you hire the best service provider, you get best outcomes in terms of saved income and hassle-free tax payment service in time. If you've been looking for such a service provider, Rands Financial Services in Narren Warren would be your ideal bet. They provide excellent mortgage broking and tax accounting services to their customers since many years. 

What can you expect from a Mortgage Broker Melbourne?

Are you in the search for the best Mortgage Broker in Melbourne? Then, this article is the one you need to know all about selecting a Mortgage Broker in Melbourne. Although many Mortgage Brokers are claiming to offer the best loan product, we have hand-listed some of the essential qualities which you might expect from a good Mortgage Broker. So, let’s dive into the topic without any further ado.

More work with fewer dialogues

Does your Mortgage Broker talk a lot without providing you with the best solution? Then, maybe this is the best time to think of changing your broker for a better choice. Being one of the leading channels for solving your financial woes, you can expect them to answer your questions. This step is required as they need to understand your requirements and simultaneously curate the best home loan product. No matter what your needs are, starting from arranging a new loan or consolidating all your debt, they can help with everything.

They can offer more options

Unlike traditional banks, the Mortgage Broker can provide a variety of options when it comes to your loan requirement. This is because they are not limited toa product range offered by one lender, but they have access to over 100 products to suit different profiles. So, you won’t have to move from one Mortgage Broker to another in case any discrepancy occurs. What’s more? You can also get the best interest rate as Mortgage Brokers are updated with various promotions extended by banks at any given time, so you have access to the best interest rate in the market.

More chances of approval

When you opt for a Mortgage Broker in Melbourne, you can always expect more chances of approval. Different banks have their own policy when evaluating your loan application. The policies are not exposed to borrowers. The success of the application is uncertain to borrowers until the loan application is lodged and assessed by the bank. Having this knowledge available to brokers, brokers know it upfront which lender will approve your loan, the size of the loan and criteria sought by each lender. A broker could also advise whether you should apply for a loan or wait until you satisfy other conditions such as more savings, more income, reduced short term debt such as credit cards, the acceptable security type, security value, and the list goes on. This will save a greater degree of your time, stress and unnecessary trail in your credit file.

Hence, when you are looking for a faster and streamlined loan approval, choosing a Mortgage Broker might be the most viable option for you.

They do all the paperwork

Applying for a mortgage loan by yourself can take most of your time, as you need to fill in lengthy forms. Thus, when you hire a mortgage broker, they do the work for you so that you can get the best value. Their work includes a comparison of interest rates, investigation of credit policies and selection of the best loan for your requirement. Although this step may seem old school, it prevents you from paying a hefty amount of interest over time and a high level of stress.

Customer service is always prioritized

Unlike Loan Officers working in a bank, the remuneration structure of mortgage brokers is not set, and hence, they only get their fee after they successfully close a deal. Thus, if you are looking for a more lenient and customer-oriented approach, then a Mortgage Broker is the best option. This implies that they must maintain greater accessibility to their clients and simultaneously provide a quick and productive solution in case of an issue.

How is Rands Financial Services topping as a Mortgage Broker?

Being one of the well-known and highly reputed Mortgage Broker in Melbourne, Rands Financial Services provides a wide range of services. These include home loans, debt consolidation services, investment property loans, commercial loans, car loans, personal loans, and many more. Moreover, they are also available in various suburbs, including Berwick | Clyde North | Cranbourne | Cranbourne North | Fountain Gate | Hampton Park | Narre Warren | Narre Warren South| St Kilda| Caulfield| Melbourne CBD. Furthermore, having a customer-oriented team, Rands Financial Services often brings attractive deals and discounts for their clients. So if you are seeking to buy your first home, an investment property or looking forward to consolidating your debt, contact us today for a free assessment and decide what we do our best.