Alfred J Camilleri & Associates

Checklist For Rental Property Tax Returns

THE FOLLOWING INFORMATION IS REQUIRED FOR NEW RENTAL PROPERTIES:-

  • Address of rented properties
  • Solicitor’s adjustment sheet
  • Purchase contract
  • Date of Purchase
  • Date first rented
  • Ownership
  • List of contents for depreciation schedule (see below)
  • Number of weeks rented in financial year
  • Estate Agent’s Statements or Annual Summary
  • NEW CLIENTS: Copy of the previous tax return is required
  • For new of recently build properties request advice

TYPICAL EXPENSES ON A CONTINUING BASIS:-

  • Accounting fees
  • Advertising
  • Assignments and surrenders
  • Borrowing expenses:  Listed required amortized over 5 years
  • Bank charges and fees
  • Bank safety deposit box for storage of title
  • Body Corporate fees
  • Bookkeeping or secretarial
  • Capital Allowances: a term the ATO uses to describe depreciation the cost of new properties is depreciable @ 2.5%
  • Depreciation Schedule: Quantity Surveyors may be required
  • Estate Agent Statement: Commission, Letting fee, Disbursements
  • Garden maintenance
  • General Repairs
  • Insurances
  • Interest paid on loans
  • Lease preparation (Registration, preparation, Stamping)
  • Management fees
  • Mortgage Discharge
  • Pest Control
  • Printing, Postage, Stationery, Telephone
  • Rate and Taxes: Municipal, Water, Land Tax, State deficit levy
  • Repairs of a substantial nature: provide details and dates
  • Servicing expenses
  • Tools and replacements
  • Tax advice

An often valuable deduction is “depreciation” of fixtures, fittings, contents, furniture etc, including, sometimes, the cost of erecting the building.
For newly built, or recently built: builders’ costs are generally unavailable in which case we highly recommend appointing a “Quantity Surveyor”, please ask us.