Leasing Privately And Tax

[macca446]

Hi All,
Am asking what others are doing or know of for Tax purposes, if you are self managing a property yourself as far as keeping records for rental income do you use just a invoice book or design your own monthly statement to give them.
Macca4446

 

[wylie]

I keep a spreadsheet of rent received. I don't issue invoices any more, but if the tenant requests it, I can give them all they need on a spreadsheet.

 

[macca446]

I keep a spreadsheet of rent received. I don't issue invoices any more, but if the tenant requests it, I can give them all they need on a spreadsheet.

Thanks for that idea I thought you had to give out paper work to them cheers.
Macca446

 

[The Fence]

Who's "them" ?

ATO or tenants?

 

[wylie]

Thanks for that idea I thought you had to give out paper work to them cheers.
Macca446

Who's "them" ?

ATO or tenants?

"Them" means the tenants. ATO gets the paperwork every year anyway. Tenants have never asked me for a ledger or spreadsheet, but I must have it available to them within a certain time (two days?). It is all spelt out on the Residential Tenancy Association website. I guess different states may have different rules.

But hand written receipts that I used to write (but not actually hand to the tenant until I had a large collection) have not been required for some time from private landlords AFAIK. Tenants have their bank records as proof of paying rent. I guess the days of visiting the agent and handing over cash and getting a receipt are long gone.

 

[The Fence]

Hi All,
Am asking what others are doing or know of for Tax purposes, if you are self managing a property yourself as far as keeping records for rental income do you use just a invoice book or design your own monthly statement to give them.
Macca4446

I read that as wanting to know for Tax reasons, not tenant reasons.

Anyways....In NSW you must give a receipt unless it is of course paid via bank transfer where the tenant can use their bank receipt as proof.

However, it's a good idea to email or post an account of rent paid to the tenant every so often just to keep them informed of where they are and out of courtesy if anything.

 

[macca446]

I read that as wanting to know for Tax reasons, not tenant reasons.

Anyways....In NSW you must give a receipt unless it is of course paid via bank transfer where the tenant can use their bank receipt as proof.

However, it's a good idea to email or post an account of rent paid to the tenant every so often just to keep them informed of where they are and out of courtesy if anything.

Hi Fence,
Yes I meant do I have to give tenant a receipt/statement and then in turn use my copy for claiming in my Tax return.
Macca446

 

[The Fence]

What you give the tenant and what you give the ATO can be in 2 different forms of presentation, just so long as it adds up the same I guess.

I dont know fo any strict formula apart from recording transactions accurately.
Bank statement is enough for ATO and tenant can use theirs too.

 

[misakimen]

As far as i can remember from the tenancy agreement form i download from NSW fair trading website. It mentioned that a receipt is not required if the tenant pay rent via electronic transfer.