End of financial year, final rental payment for month.

A few months ago, my PM for a few properties in QLD included the following "important notice" as part of the monthly rental statement:

"Please be advised that due to government regulations and legislation we will now be disbursing end of month payments on the first working day after the end of the month. For eg, if the first of the month is a Saturday, the disbursement would be done the following Monday....."


So, in the past the payments would come through on the 30th or 31st, etc. I'm not fussed by the delay, but my question relates to the very last payment for the financial year that finished. The rental money hit my bank account on the 3rd July (for June rental), and the statement that came through the mail is dated on the same day.

Question: Does this payment get included as part of the rental income for 2016/2017 FY tax return? Or does it get added to next years tax return due to the date it has hit the bank account?

 

16/17

The tenant pays the rent into a trust account and as soon as it hits there it is yours.

 

Its included in the financial year in which it is received by your agent in trust not when it is disbursed

 

The software when generating the end of financial year statements goes by transaction date, not statement date.

 

ok, thanks for the replies. I will add it to the docs for the current tax return.

 

My tip - Rely on the agent stmt and never adjust it without tax advice.

 

I thought you would just use the numbers from the PM's EOFY Statement for the full year, (after you have reconciled it, of course).