date of received rent

[WebBoard]

From: Brian H


Hi All

Just a quick Question.My unit has a on site manager and he pays me the rent monthly.What I need to know is If for e.g he gets rent from tenant in June 2002 but pays it to me early July 2002.Would it be in 2002 or 2003 tax return.

Many thanks in advance

regards

Brian

 

[DaleGG]

Reply: 1
From: Dale Gatherum-Goss


Hi Brian

Your agent will likely give you an annual statement which the tax office will look for when they audit you. This will show the rent received in June and not July and this way, you should declare the rent in June.

However, the important thing is to be consistent. If you adopt a policy of declaring that rent in July, make a note of it and keep it. Next year, do the same.

Good luck

Dale

 

[WebBoard]

Reply: 1.1
From: Brian H


Thanks Dale

Much Appreciated.

Regards

Brian