Is there a checklist for what tax deductions can be claimed on IPs

Discussion in 'Accounting & Tax' started by aussieB, 13th Jul, 2017.

Join Australia's most dynamic and respected property investment community
Tags:
  1. aussieB

    aussieB Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    389
    Location:
    Darwin
    Hello,

    Do we have a checklist of what expenses can be claimed as deductions on IPs in general ? Or is there an external source's spreadsheet that members here recommend ?

    Cheeers,
     
    aussieB, 13th Jul, 2017
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,923
    Location:
    Australia wide
    Terry_w, 13th Jul, 2017
    #2
    aussieB likes this.
  3. SimonQld

    SimonQld Well-Known Member

    Joined:
    20th May, 2017
    Posts:
    49
    Location:
    Gold Coast
    SimonQld, 14th Jul, 2017
    #3
    Paul@PAS, aussieB and teetotal like this.
  4. aussieB

    aussieB Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    389
    Location:
    Darwin
    aussieB, 15th Jul, 2017
    #4
  5. Archaon

    Archaon Well-Known Member

    Joined:
    20th Mar, 2017
    Posts:
    1,896
    Location:
    Newcastle
    Would also be interested in an excel spreadsheet :)
     
    Archaon, 15th Jul, 2017
    #5
  6. L3ha7

    L3ha7 Well-Known Member

    Joined:
    24th Apr, 2016
    Posts:
    858
    Location:
    Syd
    Any luck on getting the spreadsheet @aussieB
     
    L3ha7, 5th May, 2018
    #6
  7. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,504
    Location:
    Sydney
    I send one every year that changes each year. Our 2018 one will reflect things like depreciation and trave l changes and and budget issues. It comes with many extras like a CGT record tool and links to videos
     
    Paul@PAS, 5th May, 2018
    #7
  8. aussieB

    aussieB Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    389
    Location:
    Darwin
    Hey Paul, how does one get what you send out ? Is there a mailing list I could subscribe to ?

    Cheers,
     
    aussieB, 11th May, 2018
    #8
  9. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,504
    Location:
    Sydney
    I automatically send it to clients and prospective clients in late June. This years will have even more tools like a rental property record keeping tool, improved CGT record keeping and more....All linked to video guidance. These tools are only intended to add value to clients and we limit providing them otherwise.

    The ATO produce a very good publication which should be read when its released around June / July. 2018 Rental Property Guide. DO NOT Use a 2017 or earlier version to do 2018 tax as it will contain many areas that have changed eg travel, depreciation etc
     
    Paul@PAS, 11th May, 2018
    #9