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Checklist for Rental Property - PDTeefy

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					                                                                  PO Box 288 Ashmore City Q 4214                                                                   Ph 07 55030088
Paul D Teefy CPA
                                                                       paul@pdteefy.com.au
                                                                                                                                                                   Fax 07 55030299




              Residential Rental Property Checklist - July 2009 to June 2010
              Name                                                                                 Date             /       /


              Property Address




                                                                                                                                Office Use
                           Please circle the responses or complete the details in the shaded boxes                                 Only




                                                                                                                                              held/sighted
                                                                                                                                Advised Nil



                                                                                                                                                             As Advised
                                                                                                                                              Receipts
                        1 Number of Properties

                           Do you own more than one property? (Multiple properties on              Yes        No

                           the same title count as a single property)

                             If yes, complete a separate checklist for each property.



                        2 Ownership

                           Do you only have a part- interest in the property?                      Yes        No

                             If yes, what is your share of ownership (eg 50%, 25%)                                      %



                        3 Rental details

                           Date the property first earned rental income                                  …./…./….

                           The number of weeks the property was rented for the year




                        4 Income

                           Total rent paid by your tenants ( do not deduct agents fees)            $

                           Other Rental Related income

                             - Compensation for lost rent (insurance)                              $

                             - Rental bond retained to cover outstanding rent or damages           $

                             - Reimbursements from tenants (eg for repairs)                        $

                             - Other                                                               $

                                                                                         Gross Rent $




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                                                                          PO Box 288 Ashmore City Q 4214                                           Ph 07 55030088
Paul D Teefy CPA
                                                                               paul@pdteefy.com.au
                                                                                                                                                   Fax 07 55030299



                                                                                                               Office Use
                                                                                                                  Only




                                                                                                                             held/sighted
                                                                                                               Advised Nil




                                                                                                                                            As Advised
                                                                                                                             Receipts
                        5 Deductions -

                           Property must have been rented or available for rent

                           Expenditure must not be of a private or capital nature

                             - Advertising for tenants                                                     $

                             - Body Corporate Fees                                                         $

                             - Borrowing expenses ( not including Interest)

                                        Establishment fees                                                 $

                                        Stamp Duty                                                         $

                                        Title Search fees                                                  $

                                        Valuation Expenses                                                 $

                                        Lenders Mortgage Insurance                                         $

                                        Other                                                              $

                                                                  Total - >$100 - apportioned over 5 years $



                             - Cleaning                                                                    $

                             - Rates                                                                       $

                             - Gardening / Lawn maintenance                                                $

                             - Insurance                                                                   $

                             - Interest on Loans used for purchase repairs or renovations                  $

                             - Land tax                                                                    $

                             - Legal Expenses ( eg for drafting lease - not purchase expenses)             $

                             - Pest Control                                                                $

                             - Property agents fees and commissions                                        $

                             - Repairs and Maintenance - (not improvements/renovations)                    $

                             - Stationery, Telephone and Postage expenses                                  $

                             - Travel                                                                      $

                             - Sundry expenses

                                           Electricity                                                     $

                                           Gas                                                             $

                                           Interest - loans used for depreciating assets                   $

                                           Bank Charges                                                    $

                                           Other                                                           $

                                                                                    Total Sundry Expenses $




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                                                                  PO Box 288 Ashmore City Q 4214                                                               Ph 07 55030088
Paul D Teefy CPA
                                                                       paul@pdteefy.com.au
                                                                                                                                                               Fax 07 55030299



                                                                                                                           Office Use
                                                                                                                              Only




                                                                                                                                         held/sighted
                                                                                                                           Advised Nil




                                                                                                                                                        As Advised
                                                                                                                                         Receipts
                        6 Depreciation

                           Have you purchased an asset that is used or installed in the            Yes    No

                           property for income producing purposes?

                             If yes, provide details of the item, date of purchase and cost.



                        7 Capital Expenditure                                                      Yes    No

                            Expenditure on purchase of the property and capital improvements

                           to the property are not deductible. This expenditure will be

                           capitalised to the cost base of the property for calculating Capital

                           Gains Tax.



                           RECORDS


                           Records of income and deductions relating to the property should be kept for a period of 5
                           years from the date of lodgment of your tax return.


                           Records relating to acquisition, capital improvements and disposal should be kept for 5 years
                           after disposal of the property. Ask us for a Capital Gains Record Sheet or download from
                           www.pdteefy.com.au .




              Other




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