Accounting options

Question from Scott updated on 23rd July 2018:

I have just filed my tax return which I have done myself for the past 12 years and for the first time I have been asked to pay provisional tax. My income for the next tax year is going to be hard to predict and it has been recommended that I get accounting software. Any recommendations for keeping track of rent, expenses and tax? Maybe Xero?

Our expert Mark Withers responded:

Both MYOB and XERO are popular accounting software packages that may be beneficial. Humbly, may I also recommend the services of an accountant... Managing provisional tax issues and navigating the safe harbour and estimate options with provisional tax is probably a move beyond DIY for most people.

Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.

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