Rent manager software

[Burramys]

Rent manager is software to - rather predictably - keep rental accounts. See
http://www.cashflow-manager.com.au/Products/RentManager.aspx#147075-price
Note the interesting claims that it "removes the fear of Capital Gains Tax" and "also increase your wealth." (sic)

At present I have a spreadsheet that does much the same thing. The invoices and other records are entered as they happen, with totals going to a master page for each property. These master pages show property expenses in the form that the ATO uses, like D advertising to V Sundry rental expenses.

My tax person has suggested Rent manager, but the website shows that the software is sold by accountants, so I wonder if there is an ulterior motive.

The spreadsheet has worked for decades, surviving changes in operating systems, software, tax law and the portfolio. Why do I need Rent Manager, especially as I still need the spreadsheet for shares?

Any views?

 

[MRO]

My tax person has suggested Rent manager, but the website shows that the software is sold by accountants, so I wonder if there is an ulterior motive.

The spreadsheet has worked for decades, surviving changes in operating systems, software, tax law and the portfolio. Why do I need Rent Manager, especially as I still need the spreadsheet for shares?

Any views?

If your spreadsheet is working, keep using it. A lot of the time software for simple tasks just over-complicates things.

Your accountant is probably getting a referral fee - if he hasnt disclosed this i would be annoyed.

 

[D.T.]

Excel definitely does the trick for personal properties. If you were managing other people's it'd be a bit different.

 

[Burramys]

Thanks. I think I'll stick with the spreadsheet. Another aspect is that I can easily change the format, as I have done for over 20 years, very slowly. Depreciation comes from a schedule by professionals. Finally, the effort to key in the details is the same regardless of what is used.

 

[Paul@PFI]

I don't recommend software as its a waste of $ v's a spreadsheet. You don't need to do a lot to summarise for tax purposes. 12 statements from an agent + any expenses you personally pay + loan interest + depn / CA from QS report + borrowing expenses.

Just ensure on matters like repair and replacement of items < $400 that you understand the correct treatment and if not just provide the tax agent with info and they can guide it.

Tip - The initial acquisition may have some deductions. Review the lawyers settlement sheet too !! And the bank loan stmts and approval letters etc for borrowing costs to claim over 60months (not 5 years !!)