Rental Property Checklist

INVESTMENT PROPERTIES CHECKLIST:

Rental Property Checklist

Do you have an investment property that is rented out during the financial year?

  • Property address:
  • Purchase date:
  • Purchase price:
  • Your ownership share (%). The other owner’s name(s) & share %.
  • The first date that the property was rented:
  • Total number of weeks the property “available to rent”:
  • Do you receive a real estate agency’s “end of year financial statement”?
  • If youIncome includes: manage the property by yourself, you will be able provide summaries for all income and expenses related to the rental property.
  • Do you have a “depreciation schedule”? Please provide a copy from a licensed quantity surveyor if you have one.

Income includes:

  • Rental income (if it is commercial, excluding GST)
  • Water usages paid by the tenants
  • Bond refund collected by the landlord after tenant vacates
  • Insurance payouts
  • Other re-imbursed payments

Rental expenses you can claim:

  • advertising for tenants
  • bank fees
  • strata levies
  • cleaning costs
  • council rates
  • water rates
  • gardening and lawn mowing
  • insurance – building, contents and public liability
  • interest expenses
  • land tax
  • pest control
  • phone
  • property agent fees and commissions
  • repairs and maintenance
  • stationery and postage
  • borrowing expenses (claim over 5 years)
  • the decline in value of depreciating assets & capital work
  • Other Useful references:

Law changes from 2018 FY:

 Travel expenses

From 1 July 2017, travel expenses relating to inspecting, maintaining, or collecting rent for a residential rental property cannot be claimed as deductions by investors.

 Depreciation schedules (quantity surveying report) –  Do you have a depreciation report ready?  Please contact this office if you have any queries.

  1. Please note that subsequent owners (those who purchase a second-hand property) who exchange contracts after the 9th of May 2017 will not be able to claim depreciation on existing plant and equipment assets. Buying a new property will not be affected.
  2. Any additional assets added to a property can be depreciated as normal
  3. Investors will still be eligible to claim qualifying capital works deductions, which are the deductions available on the structure of the building.