Property
Investment property.
Rental income reported correctly, and the deductions that go with it claimed properly.
Overview
Accounting for investment properties, with rental income reported correctly and the deductions that go with it claimed properly.
That covers interest on investment loans, depreciation claims and the records you will need when the property is eventually sold, which is usually the point at which poor record keeping becomes expensive.
What this covers
- Rental income reporting
- Interest deductions
- Depreciation and capital works claims
- Property expense records
- Multiple properties
- Records for an eventual sale
What we will need
- The managing agent's annual statement, or your own rental records
- Loan statements showing interest charged
- Council rates, water, strata and insurance notices
- Invoices for repairs, maintenance and improvements
- A depreciation schedule, if you have one prepared
- The purchase contract and settlement statement
Worth knowing
Repairs and improvements are not treated the same.
Expenses such as interest, council rates, insurance, agent fees and genuine repairs are generally deductible while a property is rented or truly available for rent. Improvements are different: they are capital in nature and claimed over time rather than in the year you pay for them, which is why the distinction is worth getting right at the time.
Who this is for
First time landlords
Getting the first year of reporting set up properly.
Investors with several properties
Income and expenses tracked per property.
Owners who have renovated
Repairs, improvements and depreciation treated correctly.
Investors planning to sell
Records assembled before the CGT calculation is needed.
Get in touch
Let's get your tax sorted.
Whether you're lodging your tax return or looking for ongoing business support, GBTax is here to help.
Send an enquiry and we'll come back to you to arrange a time, or email info@gbtax.com.au.