Archive for the 'Rental Property' Category
If you have an investment property then your are required to include a rental property schedule with your income tax return.
We’ve attached a blank schedule below. It shows the information categories used by the ATO to calculate your rental return.
Download a blank rental property schedule
What can I claim?
Taxpayers with rental properties incur a number of expenses. Most of these are completely tax deductible. These expenses include:
Interest paid on the investment loan - Management fees and charges
- Advertising for tenants
- Council rates and taxes
- Insurance premiums paid
- Body corporate and strata fees
- Repairs and maintenance
- Depreciation on furniture and fittings
For a more exhaustive list, please contact us or register online. If you are thinking of investing in property or have a few unanswered questions then please make an appointment to see one of our friendly accountants.
Don’t forget to ask us how a depreciation report could save you thousands of dollars in tax every year
If you are considering investing in property or have already purchased an investment property then we are the perfect tax accountants for you. Most of us have invested in property ourselves and we are more than happy to help you maximise your returns.
Appointments: please call (08) 9400 8400
Rent Manager is a simple computer record keeping system to help you keep excellent records for your investment property.
If you have an investment property then your are required to include a rental property schedule with your income tax return.
Some property managers provide Annual Taxation Statements that contain a lot of the information necessary to lodge your tax return. However, if you have multiple properties or manage them yourself then we recommend Rent Manager software.
Does your rental property have a tax depreciation schedule?
If it doesn’t and it was built or renovated after 1985, then you could be missing out on THOUSANDS of dollars worth of tax savings every year!
Regardless of the date of construction, all investment properties have depreciation in the form of depreciating assets, commonly known as Plant and Equipment. Over time, these assets wear out and decline in value.
Examples of Plant and Equipment include carpets, ovens, cooktop, dishwasher, clothes dryer, window blinds, air conditioner, heater and hotwater system.
RENTAL PROPERTY + DEPRECIATION SCHEDULE = MAXIMUM REFUND
I have an investment property. How can I get myself organised?
If you have an investment property then your are required to include a rental property schedule with your income tax return.
We’ve attached a blank schedule below. It shows the information categories used by the ATO to calculate your rental return.
Download a blank rental property schedule
What can I claim?
Taxpayers with rental properties incur a number of expenses. Most of these are completely tax deductible. These expenses include:
- Interest paid on the investment loan
- Management fees and charges
- Advertising for tenants
- Council rates and taxes
- Insurance premiums paid
- Body corporate and strata fees
- Repairs and maintenance
- Depreciation on furniture and fittings
For a more exhaustive list, please contact us or register online. If you are thinking of investing in property or have a few unanswered questions then please make an appointment to see one of our friendly accountants.
Don’t forget to ask us how a depreciation report could save you thousands of dollars in tax every year
If you are considering investing in property or have already purchased an investment property then we are the perfect tax accountants for you. Most of us have invested in property ourselves and we are more than happy to help you maximise your returns.
Appointments: please call (08) 9400 8400
Every year, more and more people are investing in residential rental property. When done tax effectively, property investment is a great way to maximise your future income streams and minimise your tax obligations.
Many of our accountants have made rental property investments and all of us can assist you in preparing your rental property tax return.
