Prouse Family Accountants understands property investment. That’s because many of our staff have – or have had – investment properties themselves. We are rental property taxation experts.
We can assist clients with:
- Choosing the right property (existing or off the plan);
- Choosing the right tax effective investment vehicle;
- Maximising income tax deductions by arranging a tax depreciation schedule;
- Raising finance;
- Improving cashflow with a PAYG income tax variation;
- Choosing an effective property manager;
- Keeping great records with Rent Manager software;
- Planning for capital gains tax when selling a property (at a profit);
- Estate and retirement planning.
Rental Property Tax Returns
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 various tax deduction categories and other information used by the ATO to calculate your rental return.
Tax deductions for property investors
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. If you are thinking of investing in property or have a few unanswered questions then please make an appointment – by calling 08 9400 8400 – to see one of our friendly accountants.
Got more than one property? Use Rent Manager
Rent Manager is a simple computer record keeping system to help you keep excellent records for your investment property.
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 from Cashflow Manager.
Features
- Keep all your rental property records in one place to give you peace of mind in the event of a tax audit.
- Automatically calculates depreciation of furniture & fittings and the claimable amount of Building Allowances and Borrowing Costs.
- Records your Car Details to justify expenses claimed in your tax return,
- Prints reports containing all the information you or your accountant needs to complete your tax returns,
- Records your Purchase Details so that all your information is easy to find when you sell the property and need to calculate capital gains,
- Evaluates the attractiveness of potential investments with the Property Analysis Module.
Rent Manager is available from us for $149 (fully tax deductible)
- Click here for more information and to see a video demonstration
- Call 08 9400 8400 to purchase a copy of Rent Manager from Prouse Family Accountants
Interested in investment property but unsure where to start?
Make an appointment with Carel, Matthew or Tracey to discuss property investment and some of the tax advantages and consequences of owning a rental property.
The cost is 100% tax deductible and you will receive a FREE 50 PAGE BOOK on Negatively Geared Property Investment.
Don’t sign anything until you have spoken to your accountant!
Discuss property investment with us and see how it affects your tax position (short term and long term) before you sign on the bottom line. A 60 minute appointment with us could save you hundreds of thousands of dollars.
Looking for a brand new property development?
Over the years we have established an extensive network with some of the most reputable property investors and developers in Australia. We are usually in a position to present a number of different property investment opportunities in several locations and at several different price points.
Call 9400 8400 to make an appointment
If you have any questions then please contact us via telephone or email joondalup@prouse.com.au
