I see comments online and hear a lot of stories where property investors do the following:
- Do their own accounts to save paying an accountant
- Choose a cheap accountant
- Don’t worry about claiming anything at all
The mind truly boggles. A well priced, knowledgeable accountant is a very valuable member of your team. They will ensure your investments are very tax efficient, i.e. you are claiming all you are allowed to each year.
Remember the professionals keep up with the IRD rules which is way beyond most individuals’ ability. Also things like ensuring that the ownership of the property is set up right to gain the most tax benefit. Chattel valuations are another good idea, particularly for new or near new houses where values for chattels are higher.
Don’t be that cheapskate and possibly waste $10 to save $1.