2017 Rental Property Tax Return Checklists Required to Maximise Tax Refunds

by | Aug 7, 2017 | General, Property Taxation, Tax Planning

Rental Property Tax Returns – Be Prepared:

What you need to bring to your tax return appointment.

If your’re coming in soon to discuss completing your rental property tax returns, please see the following to help ensure we can get the most effective result for you.

What to consider?

Here is a brief checklist of issues to consider prior to us preparing for your rental property tax returns.

Income

  • Rental Property Annual Management Summary Report from your real estate agent.

Expenses

Rental Property Tax Deductions are many and varied, however to keep it simple, thingk of out goings as either…..

Deductible – Straight Away

Deductible – Number of Years

Non Deductible – Capital in Nature

Property Related issues to consider prior to doing your tax returns

PROPERTY RELATED BLOGS

Property Related Tools to help collate information

Use our rental property expense collation forms to help –

Rental Schedule

Rental Schedule – Excel Spreadsheet

Depreciation Checklist for new or existing homes pre 2017 federal budget changes to second houses

Investment Property Tax Planning Free Booklet

Guide for Rental Property Owners  & Typical Depreciation Rates for Fixtures & Fittings

New Client or Client Update Form

Self book online a time, date and place to have your tax return prepared.

Be Prepared:

What you need to bring to your tax return appointment.

See 2017 Job Specific Tax Deduction Guides

If your’re coming in soon to discuss your tax return for yourself or your business, try not to turn up empty handed.

 

What to bring?

Here is a brief general checklist of things to prepare for your tax return appointment. Not all of the following will be relevant for everyone.

Income

  • PAYG summaries from employers
  • Bank interest received during the financial year
  • Distributions from trusts, partnerships, managed funds
  • Allowances (car, travel, meals, etc)
  • Foreign Income
  • Dividends
  • Capital Gains – example sale of shares or a rental property

Expenses

  • Motor vehicle expenses based on business use – (including a log book if applicable)
  • Travel and accommodation expenses – local and overseas
  • Work uniforms and clothing expenses
  • Courses, training and any professional development completed
  • Home office expenses
  • Mobile Phone & Internet usage (see tips to claim business use %)
  • Tools and equipment
  • Computer expenses
  • Income Protection expenses
  • See  newsletter for complete list.

See also our 2017 Individual Tax Return Checklist

MV Log Book Method Worksheet Claim

Rental Property Income & Expenses Statement

New Client or Client Update Form

Australian Homeowner Moving Overseas and Selling Their Principal Place of Residence (PPR) – Avoiding a $295,200 CGT Bill

Principal Place of Residence Exemption Loss if Sold While Overseas Summary of how the Principal Place of Residence (PPR) Exemption is impacted by moving overseas. When Australian homeowners move overseas and become non-residents for tax purposes, selling their...

Investment Property Capital Gains Tax (CGT) Calculation with PPR Transition

Having an investment property prior or posted to it being a principal place of residence has tricky CGT Calculations. Capital Gains Tax (CGT) is an essential consideration for property owners when selling a property used for different purposes over time. This blog...

Tiny homes have excellent rental yields, income streaming and tax minimisation strategies. How do they compare to a Granny Flat?

What are the tax and investment considerations for a Granny Flat above versus a Tiny Home below? Income Tax Return Reporting - Income Streaming Tiny Homes Tiny home ownership does not have to follow the ownership interest of the underlying property ownership. For...

Share This