The housing market of Queensland, Brisbane, remained a consistent performer throughout 2021. The sales volume in Brisbane increased by 25.6 per cent, while the rest of the state experienced an annual sales volume of 40.4 per cent.
With the ever-increasing sales volume and steady growth of the real estate sector, keeping track of the real estate portfolio becomes difficult for businesses. As a result, you need the proper infrastructure to track the finances of your asset base.
A vital part of building this infrastructure starts with hiring a qualified property accountant in Brisbane. When you let a team of experts take care of your finances, you can focus better on your business. But that’s not all. There are many other benefits of hiring a property accountant.
You can check the following section to know more.
Have finances in order
The growth in Brisbane’s property market has remained unabated since 2021, with it attaining the status of a global city and attracting interstate interest, overseas investment and international migrants. Hence, you should keep your finances organised to leverage the benefits of such a thriving market and remain profitable.
It’s a complex task to keep track of property-related expenses like repairs, paint and maintenance. But with an expert property accountant by your side, all your income and expenses remain organised, and you stay aware of your financial standing.
Save time and money
As a real estate investor, you must take care of various things, from properties, tenants, expenses, income, etc. It can get a bit overwhelming if you are doing it all alone.
Here hiring a property accountant in Brisbane can come in handy. When you take the help of a professional, you don’t have to fret about handling your financial information. This can help you save time and deal with other business operations.
Using a property accountant can also help you save costs. For example, if you need assistance filing taxes, the professional can help you get it done without overpaying accidentally. Plus, you also learn various means to save on expenses and taxes.
Maximise your profits
Investing in real estate is time-consuming and complex. You must deal with certain things, like finding the right property, taking care of financing requirements and closing a deal. Therefore, when an accountant takes care of all these details, you can take action for business growth and revenue generation.
In addition, you also get vital tax information which can help you save money during tax time. They calculate the taxable income by considering your capital gains, depreciation, income and expenses. This information is then filed with the Australian Taxation Office (ATO), which can relieve you from a lot of stress. A property accountant can also help you negotiate with ATO to reduce your tax liability and maximise tax deductions.
Accuracy is critical when finances are concerned, and a property accountant can prevent you from making expensive mistakes. It is essential if you need to deal with changes in the law.
Property accountants have the skills and expertise to understand the nuances of tax legislation and changes and deal with them effectively at any given time. So, that can be a liberating benefit you can enjoy by hiring a specialist accountant.
Having an expert professional at your disposal can be advantageous in different stages of business decision-making. A property accountant can guide you with up-to-date business information and help you with future planning. Hence, you can maintain a stable financial position and sustain the competitive marketplace when armed with the proper knowledge and support.