PPOR turned IP - what do I need for my tax return?

Basically during the 08/09 financial year my ppor was turned into an ip. I am just now organising my tax return and touching base with an accountant for the first time since this has happened. (yes realise this is probably a bit late but better late then never).

I called and asked what I would need and they suggested I just bring everything I had and we would go from there. I would really like to take as much as possible to get this sorted out sooner rather than later. My question is about the interest on the loan. I am assuming i need an interest statement?. Do I need to get one from the date that I i signed up with my pm or from the date the tenants signed the lease?

Also how do i work out rates and water, Can i just take in the whole years and they are able to work it out or is there something else i need to do?

I would love if someone could point me in the direction of any previous threads that this has been discussed. I have tried searching but haven't been able to come up with anything.
 
I am assuming i need an interest statement?. Do I need to get one from the date that I i signed up with my pm or from the date the tenants signed the lease?
Neither. It is the date the property was "available for lease".

Also how do i work out rates and water, Can i just take in the whole years and they are able to work it out or is there something else i need to do?
Yes, it is pro-rata'd

Also go get a Depreciation Schedule from a QS. (now a search on that last item will give you more info) :D
 
Thanks Propertunity for that info!

If i didnt get a depreciation schedule done this tax is it possible for it to be backdated if i got it done in time for next years tax? I am in the middle of changing property managers so would prefer to wait until that is over and done with. Maybe I should just wait for that to be done before I finalise my tax.
 
Stop pussy footing around. Every $1 of tax that you pay when you don't have to means that you have to earn $1.77 to pay it and you then loan it to the ATO for 12 months interest free. :eek: Not the investor mind-set you need Cath.

Get a QS report.
 
Cath, I was in the same situation as you when I moved out of my PPOR and turned it into an IP. I contacted the tax office and asked for an extension to submitting my tax return, they gave me several extensions and I ended up getting until around Feb the following year. During this time I got a QS to come to the house and put together a depreciation schedule. I would recommend you doing this as they are qualified to place an estimated value on everything in the house and supply a comprehensive report. They only take around 2 weeks to produce and then you can hand this to your accountant - easy.
 
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