Rise High Investor Weekly Video #53 – What records should you keep as an investor



What Records Should Property Investors Keep?

Keeping accurate and well-organised records is essential for every property investor. It simplifies tax time, maximises deductions, and keeps your investment journey on track. Here’s a breakdown of what to keep, why it matters, and how to stay organised.

What Records Should You Keep?

As a property investor, maintaining comprehensive records is crucial. Here are the key documents to focus on:

  • When Purchasing a Property:
    1. Settlement statement from your conveyancer.
    2. Loan account opening letters, including details about fees and account setup.
  • These documents will help you establish the correct cost base for your property, which is critical for tax purposes.
  • Ongoing Records:
    1. Bank statements for your investment loans.
    2. Property management statements from your property manager.
    3. Receipts for repairs and maintenance expenses.
    4. Insurance documentation, such as building and landlord insurance policies.
    5. Inspection reports to track your property’s condition over time.

By keeping these records, you’ll have everything you need for tax compliance and financial management.

Why Is Record-Keeping Important?

Proper record-keeping offers several benefits for property investors:

  • Simplifies Tax Time: Having organised documents makes preparing your tax return easier for you and your accountant.
  • Maximises Deductions: Detailed records ensure you claim every eligible tax deduction, optimising your financial returns.
  • Tracks Property Progress: Inspection reports and other documents provide valuable insights into the property’s condition and value over time.

Reduces Stress: An orderly system eliminates last-minute searches for critical documents when they’re needed.

How to Organise Your Records

Staying organised doesn’t have to be complicated. Follow these tips:

  • Create a Folder for Each Property: Use either physical or digital folders to store all documents related to a specific property.
  • Sort by Category: Within each folder, separate documents into categories such as purchase records, maintenance receipts, loan statements, and insurance policies.

Use Digital Solutions: Cloud storage options allow for easy access and secure backups. Scanning physical documents can also reduce clutter.

Ready to Take Control of Your Records?

Effective record-keeping is all about consistency and preparation. By keeping your files organised, you’ll save time and stress while maximising your property investment returns.

Have questions or need guidance? Reach out to a Rise High Investor Property Advisor. We’re here to help you succeed on your investment journey!