There are a few reasons why you might need to move a property from one portfolio to another. For example, your home might become an investment property, or you might decide to rent out your investment property through a share accommodation platform like Airbnb or Stayz.
Whatever the reason, moving a property is quick and easy.
Option 1 – Using the Manage Properties Function
Step 1 – Go to Manage Properties
From Property Tank, click the Manage Properties button.
Step 2 – Select the Property
Find the property you want to move and click the Move button next to it.
Step 3 – Choose the New Portfolio
Use the dropdown to select the correct portfolio.
Set the effective date for the change—this tells the system when to start applying tax calculations under the new portfolio.
Option 2 – Straight from the Dashboard
Step 1 – Go to Property Tank
Navigate to the Property Tank dashboard.
Step 2 –Select the Property to Move
Find the property you want to update and click the three dots next to it.
Choose Move Property from the dropdown menu.
Step 3 – Choose the New Portfolio
Use the dropdown to select the correct portfolio.
Set the effective date for the change - this tells the system when to start applying tax calculations under the new portfolio.
Don’t forget to update the Market Value
If you’re switching a property from owner-occupied to investment (or the other way around), make sure to update the market value as of the change date and upload an appraisal letter to back it up.
This helps if the ATO ever needs evidence down the line, and it keeps your accountant happy too.
Track everything in the History Moves Tab
The History of movements section keeps a record of all portfolio changes, including dates and market values.
It’s a handy reference for you and your accountant, especially if the property is sold in the future and capital gains tax needs to be calculated.
FAQs
Q: Can I change the portfolio if I made a mistake?
A: Yes! It’s easy to update a property to the correct portfolio at any time. Follow the steps in this support article.
Q: Can I move a property to any portfolio?
A: You can assign properties to any existing portfolio, depending on how you organise your assets.