Investors looking for a handy way to calculate the holding costs of property now have access to a mobile app that can help manage their cashflows.
BMT Tax Depreciation has launched PropCalc, a mobile application that can provide a comprehensive analysis of the holding costs of a property. The app, which is available on Google Play and App Store, can also provide users with information about taxation benefits.
The tool also allows investors to predict potential after-tax cashflow for specific scenarios. It also enables input of personalised data such as purchase costs, potential property income, annual expenses and tax deductions.
Bradley Beer, CEO of BMT Tax Depreciation, said the tool will be able to equip investors with the knowledge on how to handle their finances for their future investments.
"Some investors are playing Russian roulette with their finances by not fully understanding the cost of owning a property before they purchase," he said.
Beer said the tool will be able to help investors get a sketch of how their finances will be with their investments.
"Those looking to purchase property could significantly reduce their risk of stress from finance by simply calculating costs beyond the deposit, interest repayments and expected income," he said.
