Track rental property income and expenses with MyBMT
Our new tool helps you stay on top of your investment property paperwork
MyBMT’s new ‘Income and expenses’ tool makes it easy to record and track property costs, so you don’t forego any deductions at tax time.
The 'Income and expenses' tracker has specific categories like body corporate fees, cleaning costs and insurance to simplify your expenditure. The income and expenses are formatted in line with the Australian Taxation Office and MyGov to provide consistency and ease of use for you and your accountant. It also calculates your net rent, can add in the depreciation values from your report and shows your total outlay so you can stay abreast of your financial position.
Weekly, fortnightly or monthly emails can be set up to update your expenses, ensuring you stay on track.
Once your rental property income and expenses are recorded, you can download a copy of an annual report. This can be shared with your investment team by clicking the ‘Email my accountant’ button. Not only does the new feature benefit investors, it makes it easy for your accountant when they complete your tax return.
Use income and expense information within PropCalc
The information from MyBMT’s new ‘Income and expenses’ tool can be used in PropCalc to calculate the cash flow required to buy and hold a property.
PropCalc allows you to customise data and factors in rental income, the number of weeks rented, annual income and any depreciation claims available for income producing properties.
It also accounts for a range of expenses such as interest, stamp duty, the deposit amount, insurance, council and property management rates, body corporate fees, repairs and maintenance costs.
The data provided by both PropCalc and the ‘Income and expenses’ tool can help you to maximise your cash flow and expand your investment property portfolio.
Learn more about MyBMT
MyBMT is a free, comprehensive, online portal designed to help you manage your depreciation and property investment needs.
It offers a range of other features to help you stay informed about the property market and complete the research necessary when buying a home or an investment property.
Some other MyBMT features include:
- Schedules and policies: View, update and download depreciation schedules. Request and manage property insurance
- Record keeping: In addition to tracking property income and expenses, you can upload files, photos and receipts and share with your accountant and other members of your property investment team such as your real estate agent or your property manager
- PropCalc: Calculate the after-tax holding costs for any property. Compare properties and determine which best meets your needs
- Research and insights: View market data, see nearby planning applications and generate a valuation for your property
Register for MyBMT today to start recording your rental property income and expenses, request a tax depreciation schedule and much more.
Accountants and property professionals can also register for MyBMT to share information and make requests on their clients’ behalf.