Which FY to apply rental income/expense to?

Discussion in 'Accounting & Tax' started by Baker, 1st Jul, 2018.

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  1. Baker

    Baker Well-Known Member

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    Because the ATO website is hard to use, I'll ask here:

    Property manager collects rent during June, deducts expenses incurred in June, then pays the balance to landlord's bank on 1 July.

    For the landlord's tax return, which financial year do:
    the expenses apply to?
    the income received apply to?
     
    Baker, 1st Jul, 2018
    #1
  2. Terry_w

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

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    June. The agent is 'you'
     
    Terry_w, 1st Jul, 2018
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  3. Baker

    Baker Well-Known Member

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    Lovely, thanks @Terry_w .

    And thanks also for all the great information that you continue to provide, it's informative and much appreciated.
     
    Baker, 1st Jul, 2018
    #3
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  4. Mike A

    Mike A Well-Known Member

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    He does haircuts on sundays as well
     
    Mike A, 1st Jul, 2018
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  5. D.T.

    D.T. Specialist Property Manager Business Member

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    If the agent is good, the annual statement they provide on Monday will have info based on transaction dates.
     
    D.T., 1st Jul, 2018
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  6. Mike A

    Mike A Well-Known Member

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    Would be great if they all did that
     
    Mike A, 1st Jul, 2018
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