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Itax Solutions ® Directory GST Basics
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The Taxation Office require the following details for each property rented : Address .................................................................................... Date :
Weeks Let during Current Year ........... To prepare your Income Tax Return we will need to obtain or prepare a summary of gross rent received, then itemise expenses for each property. If the property is managed, much of this data may be extracted from Statements of rent received from a real estate agent ; otherwise it may summarised from other source records : Gross Rent before expenses Other income - bond recoveries ? Expenses : Advertising Bank charges Borrowing expenses - written off over 5 years usually, please discuss -see below Solicitors letter also please provide details of all finance costs - application, valuation fees, loan or mortgage duty - NOT stamp duty on conveyance Commissions, letting fees and charges by Agent Building write offs - 2.5 % or 4 % please discuss - do you have documentation to support this claim or do you need to engage a quantity surveyor ? Cleaning Council Rates Depreciation -detailed inventory of cost and written down value of items- please discuss Gardening Insurance Interest paid relating to finance for income producing property Land Tax Legal - re lease or tenant Pest Extermination Printing stationery, & telephone Repairs and maintenance Solicitors Settlement Sheet -please bring copy of plus their Fees letter (note fees relating to conveyance not usually deductible but possibly re borrowing expenses) Travel - to inspect Water Rates Anything else ? eg property maintenance or investment journals ? PO Box ?
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