Frequently Asked Questions

To get started, sign up as a Property Investor and follow the steps in the Pending Actions section on your dashboard.

• Watch: Click here for a step-by-step video guide.
• Learn More: Click here to view a simple workflow process.

The Property Accountant web portal supports all web browsers, such as Google Chrome, Microsoft Edge, Mozilla Firefox and Safari (www.thepropertyaccountant.com.au).

The Property Accountant mobile app can be downloaded from The Google Play and Apple App Store.

Both our mobile app and web portal need internet connectivity.

The set-up is very simple and would take less than 10 minutes for a single property. The app will guide you through a step-by-step process. You can set up your user account and update your property profile on our Mobile App as well as Web Portal (www.thepropertyaccountant.com.au).

We will recommend using a web portal as this will be easier and quicker.

If you still find it hard, then please contact us at [email protected]and we will sort things out for you.

Although every piece of data is important, the risk of a data breach happens when data has a significant value for the other parties. We have carefully designed our data inputs, workflow and processes to minimise the collection of your sensitive data.

We don't ask you for any of the following information or data:

• TFN
• Date of Birth
• License
• Medicare card
• Banking credentials (online banking - security code or password)
• Transaction data from your everyday offset, savings and credit card accounts.

We will request, collect and store below data:

• Email ID
• Mobile number
• Address for your investment properties.
• Rental income, expenses and costs related to your property.
• Transaction feed from your loan accounts to capture interest, bank charges and loan balances (optional).

We prioritize the security of your data through multiple layers of protection:

• Authentication: User ID and password management are handled through Amazon Cognito, providing secure, scalable user access management. We also use token-based and password-based authentication methods to secure account access.
• Data Encryption: Your data is encrypted both in transit and at rest, ensuring that it remains protected at all times.
• Firewall & Protocols: Our platform is safeguarded by strict firewall and security protocols in line with industry best practices.
• Certification: The Property Accountant is ISO 27001-2022 certified, ensuring compliance with the highest standards for information security management.
• VAPT: We perform regular Vulnerability Assessment and Penetration Testing (VAPT) every 6-8 months to proactively identify and address potential security vulnerabilities.

For more detailed information on our security practices, please visit our Trust Centre.

Property investment data is typically spread across five sources:

• Settlement Statement: Provided when you buy or sell a property, detailing transaction costs.
• Depreciation Schedule: Prepared by a Quantity Surveyor to show the asset depreciation you can claim as tax deductions.
• Rent Statement: Monthly or annual summaries from your property manager.
• Bank Loan Accounts: Captures loan-related expenses like interest, fees and charges.
• Directly Paid Expenses: Costs like land tax, insurance, or maintenance paid by you, the property investor.

The Property Accountant simplifies the capture of property data through a centralized workflow. Here's how:

After signing up as a property investor, you'll receive a unique email ID. This ID is displayed at the top of your home screen on both the mobile app and web portal.

Simple Workflow Process as below:

Click on Add Property on your home screen and fill in the required details.

You'll need the following details:

• Property Address
• Property Type: Residential or Commercial
• Depreciation Method: Choose between Diminishing Value or Prime Cost, if applicable
• Bank Loan Details: Bank name, BSB and Account Number

A Settlement Statement is a document that provides the final transaction details when you buy or sell a property. It includes costs and expenses related to the transaction, such as:

• Purchase or sale price
• Conveyancer fees
• Stamp duty
• PEXA (Property Exchange Australia) fees
• Government registration charges

This document ensures all financial details of the property transaction are accurately recorded.

You can send a simple email request to your property manager, asking them to use your unique email for monthly and annual rental summaries. You can find a draft email in the Pending Items section of your account.

Here's an example draft:

• For the last financial year: Email the End of Year Rent Summary to your unique ID with the subject line "RENT."
• For the current year: Simply forward each monthly Rent Statement you receive to your unique email ID.

Bank loan statements for an investment property may include multiple expenses such as loan interest, loan fees, lender mortgage insurance, loan set-up costs and any other expenses associated with the loan. It can be challenging to capture all these expenses accurately for a typical property investor.

Once you connect your data feed of the loans, our automated process will capture these costs in the right categories to generate your final income & expense and cost base reports.

You have an option to not connect your bank loan transaction feed. In that case, we will not be able to capture bank-related costs in your reports.

We ask you to only connect direct bank feeds from your loan accounts. The key information we pull from your loan accounts are:

• Loan Account balance
• Interest costs
• Loan repayments
• Bank Fees and Charges

We do not need any transaction data from your everyday offset, savings or credit card accounts.

We value your banking id and password security very seriously. That is why we never ask you for your security code or password for online banking. To keep the security of your banking credentials very high, we have integrated our platform into OpenBanking connector.

Open Banking is a carefully regulated Australian government initiative which can only be used by ADRs registered (Accredited Data Recipients) with the ACCC (Australian Competition and Consumer Commission).

When sharing financial data, a consumer is not required to disclose their login and password details to an ADR. Consumers log in via the interface of the financial institution, meaning it is a very secure method of sharing data using the financial institutions' security measures.

You will have full visibility of who you consented to share your financial data with, for what purpose and for what duration, with the ability to revoke consent and have your data deleted at any time.

Once you update the bank loan details (BSB and Account Number) to your property profile, our action items will guide you through a step-by-step process. On the prompts:

• Select your bank and we will connect you to your bank interface.
• Enter your CAN (Customer Account Number) or PAN (Permanent Account Number)
• Your bank will text your OTP (one-time password) to your registered mobile number.
• You enter the OTP and select the loan accounts you want to connect direct bank feed
• Confirm and the bank will connect feed from your accounts for a period of 12 months.

It will only take you 1-2 minutes to connect the bank feed of all loan accounts from your bank.

If your account is an individual account, the details should automatically appear for data sharing.

• For joint accounts, trust accounts, business accounts, or company accounts, you may need to nominate a delegate to authorize data sharing. Each bank has a slightly different process for enabling data sharing in these cases.
  Tip: To find specific instructions, search for "Open Banking - [Your Bank's Name]" on Google. This should direct you to your bank's relevant page with further guidance.
• If you're unsure what to do, please email us at [email protected]and we'll assist you with the entire process

Add any expenses you've directly paid for the property. This may include:

• Land tax
• Insurance
• Major repairs
• Renovation or construction costs
• Planning and permit fees

These expenses help provide a complete financial picture of your property.

Go to the Add Expenses section on your dashboard, select the expense type and fill in the details. The process is quick and straightforward.

In your Profile Settings, go to Add Tax Accountant. You'll need their email and mobile number to complete the setup.

Go to Add Mortgage Broker in your account settings and invite your broker. This will give them access to your loan overview and reports.