Tax time check list

[Dos]

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

 

[Freedom]

Dos
This is the list of deductions from etax over the last couple of years. Have you checked out your borrowing expenses, which are usually claimable over 5 years?

Advertising for tenants
Body Corporate Fees
Borrowing Expenses
Cleaning
Council rates
Capital allowances/depreciation on plant
Gardening/lawn mowing
Insurance
Interest on loans
Land Tax
Legal fees
Pest control
Prop agent fees/com
Repairs Maintenance
Capital Works Deductions
Stationery/Phone/Postage
Travel Expenses
Water Charges

Travel can be a useful expense if the IP is interstate.

 

[Jen]

One mistake I made in my first tax return, which my then accountant didn't correct me on when I explained what I'd done, was to not declare the rental return for June that had gone into my PM's account but didn't reach mine until July. I told my accountant that the PM had made a mistake in their end of financial year statement by including it as I didn't yet have it and he just said."ok."
From what I know now, you have to claim June's return as income even though it doesn't get to your bank account until July.