what to give tax accountant for tax return

Hi,

i have not done any tax return for IPs yet. this is my first time.

What do you give your tax accountant for tax return? I wish to be a bit more prepared.

thanks.
Scott
 
Bank statements for interest expense and banking fees.
Rental Statements for income and PM fees.
Strata Bills
Insurance Bills
Rates Notices.
Water Bills
Maintenance Bills
Depreciation schedules.

All summarized of course rather than just handing them a shoe box.

Gools
 
As others have said, have all your papers in order but also with a summary spreadsheet to save accountants adding it up and charging you their hourly rate.

If you buy capital items, make sure you include information of what it is, date you bought it and for how much. Accountant will depreciate these so needs this information to do this.

Remember for personal returns on a cash basis, a common mistake people make, particularly with dividends, is giving us the dividend statements which relate to the period for 30th June, 20XX but are actually paid in the next financial year. This means then accountants spend time logging onto the share register to get your information. So it's the date you receive them, not which year they relate to. Same with bills for investment properties etc. It's the date you pay them, not the due date or date you receive them. These may sound like obvious things to most, but unfortunately they are small mistakes I encounter time and time again.

If you buy/sell any assets, include the date you bought them, cost, date you sold them and proceeds. SO many people forget to include the purchase details, particularly for shares (I'm sure people on this forum are smarter than your average Joe though) when they sell something. This means putting the job on hold, chasing up client, then picking it up again. More time wasted.

Wouldn't hurt to have a look at your tax return for the previous year to just refresh your memory and make sure you have included everything.
 
Ask your accountant what he/she from you. He/she should know your position and will advise on that info.

Regards
Marty
 
thank you for the information,

as i am new to all this and i made new IP purchases in that financial yr, should i be provide other info such as stamp duty, search fee etc...?

cheers,
Scott
 
thank you for the information,

as i am new to all this and i made new IP purchases in that financial yr, should i be provide other info such as stamp duty, search fee etc...?

cheers,
Scott

In that case, as well as what the above respondants have provided I'd also take along purchasing documentation, documentation from your conveyancer and your depreciation report.
 
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