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Hello everyone.Just wondering, when your accountant is doing tax for investment properties, what information/documentation does he/she usually request for.
Sorry if the question is quiet broad. Thanks for any help provided
Hello Barts78
I’m happy to tell you what I supply my accountant.
He does not need any original documents but you need to have them, neatly filed [rolleyesanim] , so that you can supply proof if asked to by the ATO.
I do the “adding up” myself and just send him the yearly totals for each property seperatly which looks something like this.
Income : total annual rent
Expenses: agents fees, commissions and advertising costs
insurance
landlords insurance
water
council rates
repairs and maintenance
Interest on loan(s)
legal fees (if any)He fills in his own accounting fees [biggrin]
The only time I split out repairs is if I belive that some of them may not qualify as repairs but will need to be treated as improvements. This way he gets the chance to do some creative thinking (just kidding)
If you’ve bought or sold an IP in the year you will naturally need to supply all those costs as well as buying selling price for CGT purposes.
It may be simple but it works for me as I am OS.
Hope this helps [smiling]
Elka
I think Elka has covered most issues but if you’re not sure the tax office have a free booklet called “2006 Rental Properties” which you can dowload or get posted out:
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
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