Whilst there are special rules attached to self managed super funds (SMSF's) its important to know that properties held in SMSF's are accounted for in the same way as normal investment properties (ie. property incomes less property expenses) with any net profit taxable at the SMSF concessional 15% tax rate.
In TaxTank you can create your own property portfolios, including for properties held in your SMSF, to manage the incomes and expenses reportable in your SMSF tax return. At tax time you can simply invite your accountant who can review and download the property and depreciation schedules in real time.
To learn more about creating portfolios check out the related article I want to create my own portfolios.
FAQs
Q: Can I track property software subscriptions for my SMSF?
A: Yes. If it’s a property-related subscription, you can allocate it to Rental Deductions Other.
Q: Can I track things like interest and super for my SMSF?
A: Yes. Interest and super can be tracked using personal categories, as they sit outside the property schedule.
At tax time, you can use the Transaction Report to easily review these payments. The report can be filtered by Tank and personal categories, making it simple to isolate what you need.
You can also export the report to Excel or PDF to share with your accountant or keep for your records.