Helpful Information For Rental Property Owners

Getting ready for the first tax return after buying your property

The first and last year of dealing with each new rental property are often the most involved, both for you and for your tax return, in terms of paperwork generated by the buy or the sell and the various calculations required for taxation purposes.

Click on this link to find information that will help you prepare for your visit to us to prepare your first tax return following acquisition of your property.


Preparing for your tax return in subsequent years

After the effort of the first year, your second and subsequent years will be less demanding from an income tax return perspective.

Click on this link to find a list of information that will help you prepare your annual rental property information for your tax return.


Selling your rental property and taxation

This can also be a year where preparation of taxation information can be somewhat demanding. If you follow this link  you will find a list of information that you will need to provide to enable your tax return to be completed properly.


How long do I need to keep my records relating to my rental property?

We recommend keeping the annual income and expenditure information (ie annual rental statements, rates notices etc) for at least 5 years following lodgement of your return. However, anything to do with the purchase of the property, improvements to the property and the sale of the property should be kept for at least 5 years following lodgement of the tax return in which you reported the sale. This means that the purchase information may need to be kept for a considerable number of years. This is why we suggest you bring your purchase and improvement information to us so we can keep copies on file. If you have any doubt, please contact us.


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