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Fitzpatrick Group

2020 Rental Property Checklist

  • Date Format: MM slash DD slash YYYY
  • (If property sold, please provide settlement statement for both purchase and disposal)
  • Date Format: MM slash DD slash YYYY
  • If yes, please provide a copy
  • If yes, please provide more detail below
  • Name% Ownership 
  • Income

  • Other rental may income compensation for lost rent (insurance payments), rental bond money retained to cover outstanding rent or to cover damages sustained to the property, reimbursements and recoupments, such as tenant's reimbursements for cost of repairs to the property, government rebates for the purchase of a depreciating asset such as a solar hot water system, etc.
  • Deductions

  • Bank fees for accounts used for collecting rent and paying outgoings
  • Search fees, valuation fees, survey and registration fees, stamp duty, broker's commissions, mortgage insurance etc. (Note: borrowing expenses are deductible, but not all at once)
  • Annual write-off for the depreciation of the building and/or any structural improvements or additions.
  • Carpets, blinds, hot water system, air conditioning
  • Electricity and gas expenses not paid for by the tenant.
  • Building, fire, burglary, public liability, landlord insurance.
  • Recovering unpaid rent, seeking damages for breach of agency agreement, reviewing tenant credit worthiness, etc.
  • For claiming capital allowances and depreciation
  • Initial repairs will be considered capital improvements and written down over time
  • Bookkeeping fees, accountants fees and fees for accounting software
  • Stationery used to maintain your rental records. Telephone calls relating to property management – Keep a diary record of these to satisfy the ATO. Postage on documents relating to property management
  • Water charges not paid for by the tenant
  • DateDescriptionCost 
  • Other important information

    Travel expenses From 1 July 2017, travel expenditure incurred by a taxpayer in relation to travel to a rental property is not deductible. If you used your property for both private and income-producing purposes, you can only claim a deduction for the portion of any expenditure that relates to the income-producing use. For example, with holiday homes and time-share units, you can't claim a deduction for any expenditure related to those periods when the home or unit was used by you, your relatives or your friends for private purposes. If only part of your property was used to earn rent, you can claim only that part of your expenses that relates to the rental income. As a general guide, apportion your expenses on a floor-area basis – that is, based on the area solely occupied by the tenant, together with a reasonable figure for their access to the general living areas, including garage and outdoor areas if applicable.
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Narellan

Suite 7, 1 Somerset Avenue,
Narellan NSW 2567

 

Sydney Olympic Park

7 Australia Ave
Sydney Olympic Park NSW 2127

Picton

Suite 2, 95 Cliffe Street
Picton NSW 2571

Surry Hills

Suite 415, Level 4,
410 Elizabeth Street
Surry Hills NSW 2010

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