Join Australia's most dynamic and respected property investment community

Interest payment doc for TAX time

Discussion in 'Accounting & Tax' started by DareDevil, 27th Jul, 2015.

  1. DareDevil

    DareDevil Active Member

    Joined:
    18th Jun, 2015
    Posts:
    31
    Location:
    Melbourne
    Hi All

    I bought my first IP FY15 financial year and regarding the interest payments on the loan and tax time, what document to bring to the accountant, normally I get the PAYE advice from my employer and other tax time docs from like my health insurance etc.
    But I didn't get any specific document from my bank with the interest payments at the end of the year,
    What do you guys bring to the accountant fro the interest payment on the loan?

    Thanks
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,970
    Location:
    Sydney
    No docs - just tell the accountant the figure. Make a summary on excel.
     
    Greyghost likes this.
  3. S.T

    S.T Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    428
    Location:
    I'm not selling anything
    Accountants tend to charge more (from my experience) when you rock up with a stack of documents, get it all down in Excel.
     
  4. DareDevil

    DareDevil Active Member

    Joined:
    18th Jun, 2015
    Posts:
    31
    Location:
    Melbourne
    Actually i need to rephrase my question,
    Are we as investors supposed to get a end of year summary document from our bank for the interest we paid, or are we supposed to calculate the amount using information on internet banking page or something?
     
  5. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,362
    Location:
    Sydney
    No they don't issue a letter etc. The bank will issue bank statements occasionally (6mths?). But with online access you can see the interest charged...It will be in the debit column. The repayments are in the credit column. Don't use that figure. Worth printing it out as there can be fees and charges that could be deductible in some way ie LMI, etc.
     
    DareDevil likes this.
  6. DareDevil

    DareDevil Active Member

    Joined:
    18th Jun, 2015
    Posts:
    31
    Location:
    Melbourne
    Thanks Paul
    That is exactly what i was after.