Hi all,
This will be our first return with investment properties and I have picked up on heaps of things to consider at this time of the year. I have my head around most of it but would be keen for us as a collective to bring together a list of what to do before seeing the accountant. I am sure he will let me know but this may help others to save on a visit to the accountant to be told!! SO thinking caps on (as they always are for somersoftites) and let's get a list going! OK, I am sure we can all add to this list but after doing a search I couldn't find a "list" as such that indicates what to do. Here is a start:
REA - Rental statement for each property, outlining income, % commision, maintenance and any other expenses. Anything else from REA?
Bank - Will my bank give me a simple statement saying "Interest paid in that particular period" or do I need to dig up statements to find out myself?
Depreciation schedule.
Receipts from any other repairs performed, plumbing, sparky work. What other receipts could be used?
Log books of travel to IP's for claimable reasons.
Others to be added. After responses, I would be happy to summarise so please add your ideas and areas to be covered.
Appreciate your assistance as always!!!
Dos
This will be our first return with investment properties and I have picked up on heaps of things to consider at this time of the year. I have my head around most of it but would be keen for us as a collective to bring together a list of what to do before seeing the accountant. I am sure he will let me know but this may help others to save on a visit to the accountant to be told!! SO thinking caps on (as they always are for somersoftites) and let's get a list going! OK, I am sure we can all add to this list but after doing a search I couldn't find a "list" as such that indicates what to do. Here is a start:
REA - Rental statement for each property, outlining income, % commision, maintenance and any other expenses. Anything else from REA?
Bank - Will my bank give me a simple statement saying "Interest paid in that particular period" or do I need to dig up statements to find out myself?
Depreciation schedule.
Receipts from any other repairs performed, plumbing, sparky work. What other receipts could be used?
Log books of travel to IP's for claimable reasons.
Others to be added. After responses, I would be happy to summarise so please add your ideas and areas to be covered.
Appreciate your assistance as always!!!
Dos