Adding a property is super simple and can be completed quickly at anytime from Property Tank.
How to add property forecasts -
Select Portfolio - The first step is to select the portfolio which matches the property use. We have 5 default portfolios to choose from during on-boarding, however you can customise portfolios later. 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)
- Land
Search the Address - The next step is to start typing your property address 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 Southport QLD 4215
Cant 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.
Add your property details - 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 😉
Purchase Price - The property buy price, excluding any stamps, legals etc
Contract Date - Important for CGT calculations in the future
Current Value - The current market value (estimation is fine)
Settlement Date - When the property became yours ;)
Ownership - Your percentage of ownership as per the title (ie. 50/50, 99/1 etc)
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.
