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Help with my investment property and MyGov lodging

Discussion in 'Accounting & Tax' started by psylence, 1st Jul, 2016.

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  1. psylence

    psylence Member

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    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!
     
  2. Greyghost

    Greyghost Well-Known Member

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    Spend $2-300 and goto an accountant.
     
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  3. D.T.

    D.T. Adelaide Property Manager Business Member

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    Go see an accountant
     
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  4. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    What other mistakes ?

    Where do you record the non-deductible and deductible costs on settlement and from loans?
     
  5. ramblin72

    ramblin72 Well-Known Member

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    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.
     
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  6. psylence

    psylence Member

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    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?
     
  7. SouthBoy

    SouthBoy Well-Known Member

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

    Greyghost Well-Known Member

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    I'm am the accountant.
     
  9. SouthBoy

    SouthBoy Well-Known Member

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    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.
     
  10. marty998

    marty998 Well-Known Member

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    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).
     
  11. psylence

    psylence Member

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    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!
     
  12. Daniel Taborsky

    Daniel Taborsky Well-Known Member Premium Member

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    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?
     
  13. Joynz

    Joynz Well-Known Member

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

    Perthguy Well-Known Member

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    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.
     
  15. JohnPropChat

    JohnPropChat Well-Known Member

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    +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.
     
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  16. psylence

    psylence Member

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    Thanks all, I will get an accountant