You will need:
Income
Rental summary report from your real estate agent; and details of any other income.
Expenses
Electricity, gas water, water, strata fees, cleaning, advertising for tenants; telephone calls relating to the property; legal expenses relating to the property; property management expenses – fees; postage; bank fees; letting fees; insurances – landlord, building, contents, public liability; repairs & maintenance; interest on loan and account keeping fees; quantity surveyor; depreciation report; and seminars (if relating to maximising the return on currently owned properties).
Beware of the difference between repairs and improvements.
For example, fixing a broken glass window is considered a repair. If you replace the window frame, it is an improvement which can be depreciated.
We recommend seeing a qualified accountant to help maximise your tax return.
If you need help identifying which investment property is right for you please give us a call on 1300 447 732.
Checklist to help investors make most of deductions in tax claims
WITH tax time fast approaching, I sat down with accountant Darren Morris from Bell Partners to ask him for a tax return checklist for property investors.