Saasu - which account for water rates paid by tenant?

Discussion in 'Accounting & Tax' started by jprops, 11th Jul, 2017.

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  1. jprops

    jprops Well-Known Member

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    Hi All,

    I'm using saasu to track IP income and expenses. My tenant pays for water usage, and this shows up in the rental statement.

    I've been crediting this to the account related to this IP's water utilities. I'm wondering though, should I actually create a separate account for "Water cost to tenant" and categorise this account as Income?

    Any suggestions?

    Cheers,
    Joe
     
    jprops, 11th Jul, 2017
    #1
  2. Mike A

    Mike A Well-Known Member

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    correct it is income and should be recorded as other income in the rental property schedule.

    dont offset it against the expense
     
    Mike A, 11th Jul, 2017
    #2
  3. Paul@PAS

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

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    There are many income issues other than rent. Sometimes insurance proceeds can be assessable and other times not.

    The first two videos in our Property rental - Tax Issues Series consider some of these issues
    Rental Property - Tax Issues - YouTube
     
    Paul@PAS, 11th Jul, 2017
    #3
  4. jprops

    jprops Well-Known Member

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    jprops, 11th Jul, 2017
    #4