Adding a property is super simple and can be completed quickly from the Property Tank tab. If your just starting out with TaxTank navigate to the Property tab and select the 'here' button to get started.
If you've previously added your first property, you can add more by selecting the 'Add Property' button on the Property Tank dashboard.
Both options will open the 'Add Properties' popup to complete.
Need help completing the form? We've detailed each field below.
Step 1 - Search the Address
The first step is to start typing your property address in the 'Street Address' field and then select the correct address from the dropdown. For units or townhouses ensure you use the following address format in the search; 15/56 Smith Street Wollongong NSW 2500.
Can find your address?
We use Corelogic to search addresses, however new properties can sometimes take a few months to become available. So, if your address isn't available yet, you can choose the manual address option and complete the fields.
Step 2 - Select Portfolio Type
The first step is to select the portfolio which matches the property use. We have 5 default portfolios to choose from. You can also create your own custom portfolios. The key thing to know is that some portfolios, like the investment portfolio, will impact your tax position and some wont (like owner occupied).
Investment Portfolio
Trust Portfolio
Owner Occupied
Share Properties (AirBnB, Stayz, etc)
Vacant Land
Step 3 - Complete the Fields
Depending on which portfolio you selected, you will see slightly different fields. And it's important to note, that forecasts can be updated at anytime so don't worry if you're guessing a little 😉
Ownership - Your percentage of ownership as per the title (ie. 50/50, 99/1 etc)
Contract Date - Important for CGT calculations in the future
Settlement Date - When the property became yours ;)
Purchase Price - The property buy price, excluding any stamps, legals etc
Market Value - The current market value (estimation is fine)
Income & Expense Forecasts -
Income - Annual forecast (ie. weekly rent x 52)
Expenses - Expected annual expenses (excluding interest & depreciation)
Loan Interest - Annual interest (ie. loan amount x annual interest rate)
Depreciation - Annual capital works + plant & equipment + LVP
Share Properties (AirBnB, Stayz, etc)
For share properties we have an additional step to ensure we calculate the percentage of claim accurately. Once again, the percentage of claim can be updated at any time so a best guess is perfectly ok.
Percentage of Claim - Answer the Claim Calculator questions and we'll do the rest
Are you renting the whole property Y/N
If no, you'll need to enter the estimated square meterage (sq.m) of the property, the exclusive let area and the common area.
Are you renting the whole year Y/N
If no, you'll need to enter the number of days available for letting
From the information entered, we will calculate the percentage of claim which can be updated at any time if things change throughout the year.
