What do accountants require for IP during EOY tax?

Hi all,

My first time going to my accountant with an IP and I am a bit confused as to what he has access to and what I need to arrange/bring myself.

Currently have ready: EOY statement from property manager,
~ Online bank statements showing income/repayments/interest.
~ BMT depreciation report

Questions:
1.) Lenders Mortgage Insurance - Do I need to show bank paperwork or will he see that in my online banking statements?
2.) Insurance/Rates notices - Does he have access to all my Council Rates bills/invoices or do I need to bring them all separately. I will have Insurance/Body Corp invoices to show on Excel breakdown but again will he need to see each individual bill/invoice as well?
3.) Purchased IP in Dec 2019, Body Corp stuffed up and didn't send me rates until this month 02/07/2020. Does that mean me paying rates this month will all be accounted for in 2021 EOFY returns? Likewise with rental dates which I receive on 2nd/3rd day of each month. I received June's rent on July 2nd. Does that mean June rent will be calculated for 2021 EOFY? If so that will mean the Property Managers EOY statements are not correct as she lists June rent as part of this EOY statement?
6.) Anything else I need to bring/show or advice?

Thanks in advance

 

Does Body Corp send rates!?!? That should come direct from the city. Not sure it’s a good idea to let BC have access to your rates.

you can set it up to come directly into your online bank or via the city’s website.

 

I am not an accountant but think they will not want to see piles of paperwork, but amounts.

1. You will need to tell them the amount plus the date of settlement
2. You will need to tell them totals for rates and insurances
3. Don't forget the adjustments on settlement.
6. yes - what happened to 4 and 5? Don't forget interest and depreciation report

 

A lot of accountants will have a checklist that they will provide to you to ensure you have everything you need. Maybe just ask if they have one?

A spreadsheet and reports is usually enough.

(s)he wouldn't normally have access to rates/insurance stuff but excel will be fine

Whilst they don't need to "see" originals if you get audited you will need to provide them so I find it best to scan everything for that financial year into one folder anyway so it's my evidence. If your accountant asks for any further information then it will usually be in that folder and you can easily/quickly get it for them.

 

I never want raw paperwork unless you have questions. You then need to pay me to shuffle files
I want to avouid adding stuff up. It costs you when you do. If you add it up, its free. You should sumamrise agent info AND matters you paid so all addition etc is avoided.
Borrowing expenses for loan docs (letter) and statement
Loan interest / fees ?
Strata will be deductible when paid...The settlement sheet may also contain deductions - easily missed.

I received June's rent on July 2nd. Does that mean June rent will be calculated for 2021 EOFY? If so that will mean the Property Managers EOY statements are not correct as she lists June rent as part of this EOY statement?

The agent statement is correct. They are your AGENT. Whether you received the income or not isnt relevant

TV Series #1 https://www.youtube.com/playlist?list=PLPEQdHkIpQ8qIlLEjx-IaxBoqkLdbTNjr
TV Series #2 Rental Property - Issues

 

Hey mate, just follow the link I'm giving and print off the rental statement then do the calculations at home and give your tax agent the slip.
Resource – Tax Link – Tax Returns – Accounting

Hope this helps.