February 25

Residential Rental Property Checklist

If you own a rental property, below is a checklist to assist you when gathering the information you need to prepare your tax return.

Rental income and expenses:

If you have rented out all or part of a property during the financial year, you will need: 

  • Annual rental statement showing income earned and expenses paid through your real estate agent;
  • Details of expenses not included on the real estate agent statement.  Common expenses include:
    • Body corporate fees
    • Cleaning
    • Council rates
    • Electricity
    • Gardening
    • Insurance
    • Interest
    • Land tax
    • Repairs and maintenance, including gardening
    • Water rates
    • New asset purchases – you will need date of purchase, description of asset and amount paid for the asset. New assets can include fixtures and fittings such as appliances, window coverings and floor coverings.

Beware!  Your tax return is to include income you earned through online platforms such as AirBNB and Stayz for short-term rentals. You also need to include any rent you receive from renting a spare room in your main residence. 

New purchases:

If you have purchased a property in the current financial year, you will also need the following information to record in your tax return:

  • Settlement statement
  • Transfer/stamp duty for purchase
  • Legal fees for purchase
  • Quantity surveyors report.  Note the fee for the quantity surveyor is tax deductible.
  • Initial loan documents

Property sales:

If you have sold a property during the financial year, you will need the following information to calculate the capital gain or loss to include:

  • Settlement statement
  • Legal fees for sale
  • Property agent commission
  • Information for purchase, if you have not previously provided this information to your accountant when you purchased the property. 

Learn more

If you would like to discuss any of the above or would like assistance with your residential property accounting and taxation matters, please contact Pilot Partners Chartered Accountants on info@pilotpartners.com.au or 07 3023 1300.

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