When property investor Brenton Tidow became frustrated handling the expense receipts of his investment properties, he identified a gap in the market.
Tidow, a farmer’s son from rural Western Australia and former pipeline surveyor, found there was no simple way to manage property tax affairs. By selling one of his own properties, Tidow was able to finance Abakus, a smartphone app aimed at making property tax management more convenient and efficient for everyday residential property investors.
Tidow built an Excel spreadsheet with intricate algorithms into the app. Abakus is designed to help investors maximize the tax benefits of property investing. It allows users to obtain an estimate of their tax position at any time during the financial year, determine rental yield, total running expenses, and cost base tracking of the property.
Receipts and documents such as an Offer of Acceptance or a Settlement Statement can also be easily uploaded to the cloud.
Users can also enter personal expenses and keep individual income tax-related deductions all in one place.
Tidow said, “As a property investor, managing my assets was always strenuous and I knew there had to be a better way of handling things, especially in this day and age of advanced technology. The amount of time spent tracking transactions linked to property ownership can take the joy out of investment.
“The goal is to simplify the tedious administration involved with financial management for property investors and present important and readily available information at your fingertips.”
Abakus can be bought through the iTunes store or the Google Play Store, for a monthly fee of $5.99 and is free for the first month.
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