Abakusย Apps, a new finance-based smartphone application and the first of its kindย in Australia, launched today. Aimed at everyday Australian residential propertyย investors, Abakus makesย property tax management more convenient and efficient โย helping users self-manage their investment/s, maximise their tax return andย obtain an estimate of their tax position at any time during the financial year.
Investing inย property offers tax benefits that make real estate an attractive financialย venture. Abakus offers a unique set of features for users to keep on top of taxย requirements and paperwork associated with property ownership. Property andย financial details entered in Abakus enables the app to provide a wealth ofย valuable information including pre and post-tax position and deductions, rentalย yield, total running expenses, and cost base tracking of the property. Receiptsย and documentsย such as an Offer of Acceptance or a Settlement Statement can alsoย be easily uploaded safely to the cloud. Furthermore, users can enter personalย expenses and keep individual income tax-related deductions all in one place.
Created by Brentonย Tidow, farmerโs son from rural Western Australia turned pipeline surveyor, alreadyย has a number of properties under his belt. Abakus came about through theย frustration of handling the many pesky expense receipts relating toย hisย investments. Now a budding entrepreneur, Tidow identified a gap in the marketย for an uncomplicated approach to managing property tax affairs. By selling oneย of his own properties to finance Abakus, Tidow streamlined a massive,ย methodicalย Excel spreadsheet with intricate algorithms into the app.
Brenton Tidow,ย Founder and Managing Director of Abakus Apps, said, โAs a property investor,ย managing my assets was always strenuous and I knew there had to be a better wayย of handling things, especially in this day and age of advancedย technology. Theย amount of time spent tracking transactions linked to property ownership canย take the joy out of investment. The goal is to simplify the tediousย administration involved with financial management for property investors andย presentย important and readily available information at your fingertips.โ
Designed byย Monster Apps, Abakus is a subscription app that is cloud-based with a monthlyย fee of $5.99 for an unlimited number of properties โ paid through the iTunes Storeย or the Google Play Store and is free for the first month. Otherย accountingย software tools available cost approximately $20 a month and bookkeepers charge roughlyย $100 a month, whereas Abakus offers the whole package for a fraction of theseย prices and provides investors with significant savings.ย Furthermore, Abakusย gives users control and allows them to be more engaged in their propertyย investment/s through its straightforward and intuitive interface.
Abakus isย available now through the iTunes Store for iPhone and the Google Play Store forย Android: