Help with my investment property and MyGov lodging

I have a depreciation schedule for an investment property i acquired within the past year. But I'm not sure exactly where in mygov ato lodging I put each of the following items.

Diminishing Value Method
Depreciating Assets 4333.78
Low Value Pool 759.38
Building Allowance 3872.95
Common Area 164.65

If someone can indicate where I put all these that would be great thanks!

 

Spend $2-300 and goto an accountant.

 

Go see an accountant

 

What other mistakes ?

Where do you record the non-deductible and deductible costs on settlement and from loans?

 

You can enter the data in a depreciation tool or just enter the total manually in capital allowances. I already have my schedule offline so I personally don't duplicate the work. I just enter a manual number.

 

Thanks so my capital allowances would include the depreciating assets and low value pool and the capital works would include the building allowance and common area?

 

Really? $200-$300 for lodging accounts on IPs? You must have a cheap accountant.

 

I'm am the accountant.

 

Aha!..After I got my IPs, the amount I spend on accounting at tax time is quite substantial. So kudos to anyone who can decipher the depreciation schedule and do the IP accounting and lodgement themselves.

 

Yes that is all. Simple and easy.

Just remember to keep track of the Capital Works number you have claimed each year. This needs to be deducted from the cost base of your investment (it will increase your capital gain down the track).

 

I was just going to put the deductible costs from settlement in the other expenses section but make sure they are calculated over the 5 year period. Any advice always appreciated though!

 

The depreciation for depreciating assets and the building allowance is generally shown on the rental income label, whereas the low value pool is shown at label D6.

As @Paul@PFI said, if you don't know how to disclose these items correctly, can you be confident you aren't making other mistakes?

 

I suggest getting an accountant for at least one year so you can see what they do.

 

But only if you get a good one. Some are simply a waste of time and money. Good ones are hard to find but worth far more than you will pay them.

 

+1 for what @Perthguy said. Don't cheap out on good quality advice. True it's hard to find good people for the team but a good one already responded to this thread.

 

Thanks all, I will get an accountant