An easy alternative to spreadsheets for rental income and property expenses.
VISIT HEREWhy Sole works for property investors:
- Rental income tracking
- Expense categorisation by property
- Tax ready reporting for accountants
- Simple structure without complexity
Property management
PropertyMe Property management platform, relevant if you manage multiple properties or tenants.
VISIT HEREDocument storage
Dropbox : Store leases, invoices and property docs securely.
VISIT HEREFrequently Asked Questions
How does Sole help me manage multiple properties without it getting messy?
Sole allows you to tag income and expenses to specific properties. Instead of one giant list of receipts, you can see a “mini profit-and-loss” for each house in your portfolio. This is essential for identifying which property is costing you the most in maintenance and giving your accountant clean, segmented data.
Can I claim the cost of traveling to inspect my rental property?
Generally, no. Since 2017, the ATO has disallowed travel deductions for most residential property investors to inspect, maintain, or collect rent. However, if you are carrying on a business of letting properties (usually requiring a very large portfolio), different rules may apply. Always check with your tax pro before claiming car expenses.
What is the difference between a “Repair” and an “Improvement” in 2026?
This is a major ATO focus this year:
- Repairs (Immediate Deduction): Fixing something that is broken or worn out, like replacing a few cracked roof tiles or repairing a leaking tap.
- Improvements (Capital Works): Substantially improving the property, like replacing the entire roof or renovating a kitchen. These must be depreciated over 40 years (usually at 2.5% per year).
- Note: “Initial repairs” for damage that existed when you bought the property are also considered capital and cannot be claimed immediately.
Can I use the $20,000 Instant Asset Write-Off for my rental property?
Yes, but with a catch. For the 2025–26 year, the $20,000 threshold applies to “new” depreciating assets (like a brand-new stove, dishwasher, or air conditioner) used in your rental property. However, you generally cannot claim an immediate deduction for second-hand assets found in a property you recently purchased.
Why should I use Dropbox alongside Sole?
While Sole handles the numbers, Dropbox is your “Digital Filing Cabinet.” Use it to store high-res copies of lease agreements, property inspection reports, and long-term warranties for appliances. Keeping these synced ensures that if the ATO ever asks for evidence of a “genuinely available for rent” status, you have the proof ready in seconds.
What happens if my property is vacant for part of the year?
You can only claim expenses for the periods your property was rented or genuinely available for rent. If you took the property off the market for three months to use it yourself or let a family member stay for free, you must “apportion” your expenses (like interest and rates) and only claim for the other nine months.