Rental Property Income Tax Return Checklist

 

Income

·         Rental income

·         Other rental-related income, such as reimbursements of repairs, water rates, etc

Expenses

·         Advertising for tenants

·         Body corporate and strata fees  

·         Borrowing expenses

·         Cleaning

·         Council and water rates paid  

·         Depreciation schedule and quantity surveyors fees

·         Landlord insurance fees

·         Interest paid on any loans held on the property

·         Land tax fees paid

·         Legal expenses

·         Property agent fees and commission

·         Details of repairs or improvements to the property

·         Details of any cleaning or property maintenance, such as gardening and pest control

·         Capital works deductions

·         Stationery, telephone and postage

·         Travel expenses – deductions for travel expenses relating to residential rental properties are allowable only if an exception applies.

·         Sundry rental expenses

If the rental property was purchased this year or this is the first year AFYF will complete your return:

·         Copy of purchase contract

·         Copy of settlement sheet

·         Details of any expenses relating to the purchase, such as legal expenses

·         Details of borrowing expenses such as stamp duty, mortgage-related fees for any loan/s

·         Copy of your finance documentation if applicable

If the rental property was disposed of this year:

·         Copy of sale contract

·         Copy of settlement sheet

·         Details of any expenses relating to the sale

This spreadsheet is a useful tool for monitoring your rental property's income and expenses for your year end tax return. 

Keep track of your quarterly earnings and expenditure, as well as capital purchases and interest on loan repayments for an accurate account of your rental property's profits or losses at the end of each month, quarter and year. 

Disclaimer

This is not advice. Items herein are general comments only and do not constitute or convey advice per se. The information contained in these articles is for guidance only and should not be relied upon without obtaining professional advice having regard to your direct circumstances.