Rental Property Checklist

1

Your Property Details* This field is required.

Name of client

Your email address

Property Address

Financial Year Ended

Property Type

2

Do you own the property together with anyone else? (ie as joint tenants, tenants in common, or a partnership carrying on a rental property business)? * This field is required.

3

Please provide the names and ownership portions of all co-owners:E.g. "John and Jane Smith 50/50" or "Susie Brown 90% Ella Black 5% Tom Grey 5%"

4

Are the owner/s registered for GST?* This field is required.

5

Please provide the ABN under which GST from the property is paidThis is so we can ensure there are no discrepancies and no questions from the ATO. If we have any concerns or do not act for this ABN we will be in touch to confirm the next steps.

6

Was this property bought OR sold during this tax year?

No

Bought

Sold

No sale but first time rented

7

Were there any period(s) during the year in which the property was not available for rent?* This field is required. E.G. you were living there, it was being renovated, or it was otherwise not tenanted OR advertised for rent.

8

If you have owned the property a while, but this is the first year of renting it out OR there was a period you weren't renting it, why was this?

It was vacant, not advertised

I was living there

Family were living there rent-free

It was a new build, knockdown-rebuild, or had major work done

Other

9

Please upload the build or renovation/improvement cost invoices.These may be part of your cost base on eventual sale, or may be eligible for capital work depreciation claims.

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10

Please upload the contract, settlement statement, and invoices for any other costs paid in relation to the purchase AND sale (if applicable) of the property.There are details on each of these documents that we will need to calculate any gain or loss.

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11

Did your tenant/s have use and enjoyment of the whole property?* This field is required. NOTE: If the property was used for both income generating and private purposes, the expenses may require apportionment on a floor area basis

12

Please note - if the property has been your principal residence and also used for rent or business income, there may be capital gains tax consequences. Please discuss this with us so we can review your specific case for the primary residence exemption rules and ascertain how much tax there may be before you sell.

13

If you or any associate (family member, close friend etc) stayed at the property during the year, please provide details of the length of your stay/s and/or the floor area occupied:

Length of stay/s during the year

Floor or land area occupied

Total floor or land area of the property

14

Is there a loan or finance on the property?* This field is required. Note it is the interest cost that is deductible, and application fees etc, generally not the entire repayment.

15

Did you take out a loan or refinance the property during the year? Please make sure you advise us of borrowing costs (eg establishment fees, title search fees, mortgage fees) so these can be deducted over 5 years (or the length of the loan, if shorter).* This field is required.

16

Were funds from the property loan/s used for anything other than the purchase or build/renovation of this property? This includes unrelated debt refinanced into the property loan or drawdowns used for personal or other purposes.* This field is required. COVID NOTE: If a lender defers loan repayments for a period of time as a result of COVID-10, any interest accrued will be deductible

17

Please upload all loan statements for the year and highlight/indicate all personal or other use withdrawals. If the mixed use began previously, please provide prior year statements OR details of the makeup of the opening balance at 1 July.Only the interest on the property-related monies taken from the loan can be deducted against the rent. Please contact us or provide comments at the end of this form if required.

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18

Please upload the last statement of the old loan/s, and the first statement of the new loan/s, including any application or legal fees relating to the loan/s.Only the interest on the property-related monies taken from the loan can be deducted against the rent. Please contact us or provide comments at the end of this form if required.

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19

Please upload the loan statement or internet banking reports to confirm the total interest charged on all loan/s during the year.

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20

Do you have an agent managing the rent collection and property management for you? * This field is required.

21

Please upload the agents' annual statement OR all owner statements for the year.If you switched agents or only engaged one for part of the year, please take care to make sure the whole period of rent is covered.

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22

Was there any other income related to the property paid or owing to you? (For example, rental bond, insurance payouts, letting and booking fees received, and any reimbursement of expenses).* This field is required.

23

Please upload documents detailing all income NOT included on any agent statements.E.G. the statements of a dedicated bank account, invoices you issued, insurance claim documents, bond claims etc

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25

Please upload invoices or documents showing your expenses NOT included on any agent statements.E.G. invoices/receipts, bank statements or payment confirmations, etc

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26

Have you purchased appliances, furniture or made improvements to the property? * This field is required.If this year, please provide receipts, if previously, please provide Depreciation Schedule from your last tax return.

27

If your property OR significant renovations or additions are less than 20 years old, have you obtained or considered a surveyor's depreciation report? * This field is required.While properties up to 40 years old may be eligible to claim deductions based on these reports, we find the cost of the report can outweigh the tax savings after the first 20 or so years. Contact us to discuss the pros and cons if you are unsure.

28

Please upload invoices and/or depreciation schedule for the improvements, appliances and furniture, and/or quantity surveyor's depreciation report.Surveyor reports can be lengthy, we are mostly interested in the "Diminishing Value Method Summary" section. If the report was obtained during the year, please add in the invoice so we can claim that too!

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29

Are you registered or required to register for land tax in the state or territory where the property is located? * This field is required.

30

We will contact you and help you review whether land tax is applicable and if there is any action you need to take. We may need to ask about other properties you own and their approximate land (unimproved) values.

31

Please upload the Land Tax assessment for the year, and/or any other documents you feel may be relevant to your return:

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32

Do you have any questions or is there anything else we should know about this property?E.G. are you thinking of selling, moving in yourself, anything else of note.

33

I declare I have included all property related income and all expenses included herein are related to the income from the property. I have considered and answered all questions to the best of my knowledge, for the purpose of Chromatic Accounting & Tax preparing income tax returns as my Tax Agent:

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