If you have an investment property then your are required to include a rental property schedule with your income tax return.

We’ve attached a blank schedule below. It shows the information categories used by the ATO to calculate your rental return.

Download a blank rental property schedule

What can I claim?

Taxpayers with rental properties incur a number of expenses. Most of these are completely tax deductible. These expenses include:

• Interest paid on the investment loan
• Management fees and charges
• Advertising for tenants
• Council rates and taxes
• Insurance premiums paid
• Body corporate and strata fees
• Repairs and maintenance
• Depreciation on furniture and fittings

For a more exhaustive list, please contact us or register online. If you are thinking of investing in property or have a few unanswered questions then please make an appointment to see one of our friendly accountants.

Don’t forget to ask us how a depreciation report could save you thousands of dollars in tax every year

If you are considering investing in property or have already purchased an investment property then we are the perfect tax accountants for you. Most of us have invested in property ourselves and we are more than happy to help you maximise your returns.

Appointments: please call (08) 9400 8400

If you have an investment property then your are required to include a rental property schedule with your income tax return.

Some property managers provide Annual Taxation Statements that contain a lot of the information necessary to lodge your tax return. However, if you have multiple properties or manage them yourself then we recommend Rent Manager software.

Features

• Keep all your rental property records in one place to give you peace of mind in the event of a tax audit.
• Automatically calculates depreciation of furniture & fittings and the claimable amount of Building Allowances and Borrowing Costs.
• Records your Car Details to justify expenses claimed in your tax return,
• Prints reports containing all the information you or your accountant needs to complete your tax returns,
• Records your Purchase Details so that all your information is easy to find when you sell the property and need to calculate capital gains,
• Evaluates the attractiveness of potential investments with the Property Analysis Module.

System Requirements

Microsoft Windows 2000/XP or Vista
512M of RAM
150M of disk space
CD or DVD Drive

Pricing and Availability

Rent Manager is not available in stores and is only available directly from selected accounting firms and business organisations.

The recommended retail price is $199 but we are pleased to offer our clients a copy of the latest version of Cashflow Manager for $165.

It comes with a 90 day money back guarantee.

To order Rent Manager for $165 please call the Joondalup Office on 9400 8400

If you have an investment property then your are required to include a rental property schedule with your income tax return.

We’ve attached a blank schedule below. It shows the information categories used by the ATO to calculate your rental return.

Download a blank rental property schedule

What can I claim?

Taxpayers with rental properties incur a number of expenses. Most of these are completely tax deductible. These expenses include:

• Interest paid on the investment loan
• Management fees and charges
• Advertising for tenants
• Council rates and taxes
• Insurance premiums paid
• Body corporate and strata fees
• Repairs and maintenance
• Depreciation on furniture and fittings

For a more exhaustive list, please contact us or register online. If you are thinking of investing in property or have a few unanswered questions then please make an appointment to see one of our friendly accountants.

Don’t forget to ask us how a depreciation report could save you thousands of dollars in tax every year

If you are considering investing in property or have already purchased an investment property then we are the perfect tax accountants for you. Most of us have invested in property ourselves and we are more than happy to help you maximise your returns.

Appointments: please call (08) 9400 8400

If it doesn’t and it was built or renovated after 1985, then you could be missing out on THOUSANDS of dollars worth of tax savings every year!

Regardless of the date of construction, all investment properties have depreciation in the form of depreciating assets, commonly known as Plant and Equipment. Over time, these assets wear out and decline in value.

Examples of Plant and Equipment include carpets, ovens, cooktop, dishwasher, clothes dryer, window blinds, air conditioner, heater and hotwater system.

RENTAL PROPERTY + DEPRECIATION SCHEDULE = MAXIMUM REFUND

A tax depreciation schedule lists ALL your investment’s various items, the amount of wear left in them (effective life) and the dollar value you can claim against your assessible income.

A quantity surveyor is an expert qualified to prepare a tax depreciation schedule. Schedules typically cost between $300 and $600 and last for the life of the property. The fees involved are fully tax deductible.

Almost everyone working for us owns an investment property – and every one of our properties has had a tax depreciation schedule prepared. A number of firms provide these services Australia wide. The firm’s we have personally used include:

- Deppro
- Tax Shield from Urban Consulting
- Depreciator
- Depex

For more information please contact us on 9400 8400 (Joondalup) or send an email to: joondalup@prouse.com.au.

If you are thinking of investing in property or have a few unanswered questions then please make an appointment to see one of our friendly accountants. We’ll be very happy to help you.

This article was also posted on our Marmion Office website.

Many of our accountants have made rental property investments and all of us can assist you in preparing your rental property tax return.

I have an investment property. What can I claim? How can I get myself organised?

If you have an investment property then your are required to include a rental property schedule with your income tax return. We’ve attached a blank schedule below. It shows the information categories used by the ATO to calculate your rental return.

Click here to download a blank 2008 rental property schedule

Some Typical Rental Deductions

-  Interest paid on the investment loan
-  Management fees and charges
-  Advertising for tenants
-  Council rates and taxes
-  Insurance premiums paid
-  Body corporate and strata fees
-  Repairs and maintenance
-  Depreciation on furniture and fittings

For a more exhaustive list, please contact us or register online. If you are thinking of investing in property or have a few unanswered questions then please make an appointment to see us.

We’ll be very happy to help you.

This article is also posted on the Marmion Office website.