Rental Income for tax inclusion

Viewing 5 posts - 1 through 5 (of 5 total)

fredo_4305
Participant
@fredo_4305
Join Date: 2009
Post Count: 336
June 30, 2011 - 9:45 am
Hi all,
I am expecting my rent for the last fortnight to hit my account tonight or tomorrow morning. If it hits my account after midnight June 30 does it get included in the next financial year?
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
June 30, 2011 - 12:12 pm
I would have thought so.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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Rob G.
Participant
@rob-g.
Join Date: 2010
Post Count: 70
June 30, 2011 - 10:30 pm
fredo_4305 wrote:
Hi all, I am expecting my rent for the last fortnight to hit my account tonight or tomorrow morning. If it hits my account after midnight June 30 does it get included in the next financial year?
From your tenant or from your PM ?
Cheers,
Rob
MADProperty
Participant
@madproperty
Join Date: 2011
Post Count: 44
July 1, 2011 - 7:04 am
If you have a property manager and they receive the rent by 30th June but don't put it in your bank account until 1st July (just to use an example date) then you must include the rent received by the 30th June in the 2010-2011 tax return. This is because the agent is acting on your behalf so it is when they receive it, not when you receive it.
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
July 1, 2011 - 8:52 am
I always work on the premise that if it hasn’t hit my account ie on the june statement, I haven’t received it.