I have purchased IP in June and it tenanted from July 1st. what do i need to get for Tax purposes? i am guessing i am not getting much from interest i paid for june because IP was not available for rent until July 1st. any guidance is helpful House 5 Yr old build Vic location paid LMI 8k 90% LVR
Get yourself a depreciation schedule, easy to do and almost everyone guarantees you'll get back more than the cost in the first year.
QS report definitely if its 5 yr old LL insurance Get record keeping organised for summary of income and outgoings and update as you go Land tax registration even if under threshold. (You wont forget later) CGT records ie settlement sheet, lawyers costs, inspections, duty etc. Do you need a tax adviser...They would address what available to rent" means eg If you acquired on 21June and had it listed with agent to find tenant I would think it is available to rent. Benefit of taxa dvice is not assuming. Ask and get it right. Will ? Also where does your super go ?? Life insurance ? Income protection insurance to safeguard your income if you get sick / injured ? Likely no interest since first interest will be one month after settlement. Maybe its a 2016 year start ?
Follow up Pauls advice regarding registering for land tax. So many times do we hear people complaining about being back charged when they could have avoided it.