Tax Time for Investors
It’s a misconception that property managers are only there to find tenants, collect rent and organise repairs to your property.
They are also integral to the success of your investment. As far as the ATO is concerned, thorough and accurate record keeping is essential to the professional management of an investment property that is rented out to a tenant. A rental property comes under the same scrutiny as a business would – all income and expenses should be declared, and records kept ensuring the property is being run in compliance with the ATO’s requirements. The property manager is responsible for collecting rent and issuing receipts for it, as well as maintain records and receipts for all expenses incurred in the maintenance and running of the property. In addition to that, rental providers should consider long term projects for their investment and an annual Tax Depreciation Schedule is a great way of doing this.
BMT Tax depreciation is a Performance Partner of First National Real Estate, offering services that help investors maximise the cash return from their investment property. Key to their offering is the Tax Depreciation Schedule – a report that details the depreciation that can be claimed on all aspects of the property for the current year, and projections for the same for up to 4 decades ahead. A Tax Depreciation Schedule is an essential component of your EOFY reporting and should be done before your return is submitted to the ATO.