New Rental Property Owners’ Checklist pre 30 June
Posted on June 14th, 2017
Recently Purchased a Rental Property?
Here’s your 30 June Checklist to help get the required information ready for your accountant.
Data your accountant will be looking for:
- Date the property was available for Rent
- Settlement Statement (Shows date, legal costs, purchase costs etc.)
- Depreciation Schedule from a Quantity Surveyor
- Costs Incurred
- Rent Earned
Details of Costs you can claim (Keep records of these)
- Advertising for Tenants
- Body Corporate Costs (If applicable strata titled property)
- Cleaning
- Council Rates
- Depreciation (Refer document above – This is a non-cash expense)
- Electricity/Gas/Water if you as landlord are responsible
- Inspection/Travel costs
- Insurance
- Interest Costs from Lender and associated loan fees and charges
- Land Tax
- Maintenance/Repairs
- Pest Control
- Property Manager costs/commission
- Quantity Surveyor’s fee (This is a one-off fee)
Please note that this is a generic list of things to keep a track of. Your accountant will advise further on what items need to be documented.
Depreciation is a major deduction and is of the non-cash type of expense. This means you can claim a deduction for depreciation although you have not actually outlaid any cash to incur that deduction.
Any queries regarding Tax Depreciation? – Contact Neil Richardson Quantity Surveyor
www.njr.com.au tax@njr.com.au 0418 184 701