In recent years, interest rate, insurance, rates and other property costs have increased rapidly. Additionally, various changes in property tax law, such as interest limitation and ring fencing of tax losses, added another layer of complexity to property tax compliance (read more about the recent property tax law changes – Design of the new interest limitation rule and changes to bright line rules & Are you ready for residential property tax changes again?). Recently, we have seen more inquiries from taxpayers requiring assistance to resolve disputes with Inland Revenue due to errors in the submitted income tax return.
We feel there must be resolution for these issues so we founded Propeller, a property tax automation software, with the aim to reduce compliance costs and headaches for property investors at tax filing season. Our mission is to assist landlords to preserve and grow wealth over time and to make tax compliance more cost effective and efficient.
This is how Propeller works:
- Rental bank account is connected with Propeller and all the bank transactions syncs with the software.
- Propeller analyses rental transactions and automatically reconciles all your transactions based on the name of the supplier.
- Propeller calculates and reports the numbers in the relevant fields of the IR3 forms.
- Propeller finalises the return for review. After review and sign off by the taxpayer, Propeller e-files the return with the Inland Revenue.
At the initial stage, Propeller is designed for individual property investors. In the near future, we plan to roll out to offshore individual investors and other entities including NZ ordinary companies, NZ trusts and look through companies.
We are excited and thrilled to see Propeller coming to shape in the next few months. We can’t wait to share news and updates with you along the way. To show our appreciation to early supporters and partners, a discount will be offered to early supporters and property advisors who become partners.
If you want to get posted on Propeller’s news and get notified about the discounts, join our waitlist and follow our social media pages today (Facebook, LinkedIn). We look forward to sharing more news and updates with you. Ciao!