New Rental Property Owners’ Checklist pre 30 June

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:

  1. Date the property was available for Rent
  2. Settlement Statement (Shows date, legal costs, purchase costs etc.)
  3. Depreciation Schedule from a Quantity Surveyor
  4. Costs Incurred
  5. Rent Earned

 

Details of Costs you can claim (Keep records of these)

  1. Advertising for Tenants
  2. Body Corporate Costs (If applicable strata titled property)
  3. Cleaning
  4. Council Rates
  5. Depreciation (Refer document above – This is a non-cash expense)
  6. Electricity/Gas/Water if you as landlord are responsible
  7. Inspection/Travel costs
  8. Insurance
  9. Interest Costs from Lender and associated loan fees and charges
  10. Land Tax
  11. Maintenance/Repairs
  12. Pest Control
  13. Property Manager costs/commission
  14. 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

 

 

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