End of the 2019 Financial Year is near

Well now the dust is settling on the 2019 Federal Election and Negative Gearing will remain untouched, it is hoped that Investors can return to the market to take advantage of great property pricing in the Central Queensland region at the moment.


Existing investors can now start to get their records in order before the end of the Financial Year.


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 (This is a non-cash expense)
  6. Electricity/Gas/Water if you as landlord are responsible
  7. Property managers’ costs/commission
  8. Insurance
  9. Interest Costs from Lender and associated loan fees and charges
  10. Land Tax
  11. Maintenance/Repairs
  12. Pest Control
  13. Quantity Surveyor’s fee (This is a one-off, tax-deductable 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 who is your local expert in the Central Queensland region and has been preparing Tax Depreciation Schedules for over 20 years.

www.njr.com.au              tax@njr.com.au                0418 184 701

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