Rental Properties
RENTAL PROPERTIES is a basic user-friendly program to record all of your rental property income and expenses for both commercial and residential properties. It is a great replacement for e-record, spreadsheets and manual records. You can record your income and expenses anywhere with internet connection and on the go via internet connected devices.
TIPS, HINTS & LINKS
Home takes you to https://www.taxrecord.com.au/home/
APPLICATIONS RENTAL PROPERTIES SETTINGS – If you have a residential property it should never have the GST box ticked. If you have a commercial property and are registered for GST please ensure the box is ticked. If you are not registered for GST (or it is a residential property) please ensure the box is not ticked.
APPLICATIONS RENTAL PROPERTIES INCOME – record your income here.
Add new income complete the following:
- Date
- Payee (who pays you income) “Manage Payees” creates a standard list.
- Details of income – include extra information if required.
- Category – Drop down list for standard income. To add your own category click “Manage Categories”. Add new category plus GST type and create. The categories will be saved for future use. Please note that if you change a category name it will change it on all previous entries. Please add a new category rather than changing a current category name. Only change a category name prior to starting or if you are happy for it to alter all previous entries from the current category name to the new category name. Although the category list shows them set as GST if you are not registered for GST it will only show no GST on entering. Leave the category tax code in case you change to GST registered in future.
- Amount $ price of income
- If you want to see the amount of GST calculated click on the grey box next to the amount.
- Business Percentage if the income is not 100% for rental property change the % to the relevant percentage
- Save creates the income item
APPLICATIONS RENTAL PROPERTIES EXPENSES – records any expenses.
Add new Expense complete the following:
- Date
- Payee who the expense was paid to. To add a regular payee use “Manage Payees”. The payee will be saved for future use
- Details enter extra information in relation to the expense
- Category – Drop down list for standard expenses. To add your own category click “Manage Categories”. Add new category plus GST Type and create. The categories will be saved for future use. Please note that if you change a category name it will change it on all previous entries. Please add a new category rather than changing a current category name. Only change a category name prior to starting or if you are happy for it to alter all previous entries from the current category name to the new category name.
- GST if the type is both GST & no GST enter the $ amount of GST in the box. GST, No GST and Capital Item will automatically calculate. If you want to see the amount of GST calculated click on the grey box next to the amount.
- Amount $ price of expense
- Rental Property Percentage if the expense is not 100% used for the rental property change the % to the relevant percentage
- Save creates the expense item.
Once income and expenses have been created they will be summarised in a quick view form when you log in. You can view, edit or delete by using the icons on the right hand side.
REPORTS
Generated – Shows reports generated. Data is as at generated date a new report must be generated to reflect any changes.
Income – enter start date and end date and click “generate report”. This will generate a “Rental Properties Income Report”, showing all income for that period. Click on View/Edit and you can edit and delete entries direct from this report.
Expenses – enter start date and end date and click “generate report”. This will generate a “Rental Properties Expense Report”, showing all expenses for that period. Click on View/Edit and you can edit and delete entries direct from this report.
GST – enter start date and end date and click “generate report”. This shows all information ready for your BAS form, if relevant.
Cashflow Summary – enter start date and end date and click “generate PDF” or “generate CSV”. This shows a detailed cashflow report for that period. It is recorded as Total Gross, GST & Net under each category.
Detailed Entries – enter start date and end date and click “generate report”. This shows a detailed report of all income and expenses for that period in date order. Click on View/Edit and you can edit and delete entries direct from this report.
Expense Category – enter start date, end date and expense category eg ; bank fees, and click “generate report”. This shows a detailed report of all expenses in that category for that period. Click on View/Edit and you can edit and delete entries direct from this report.
Income Category – enter start date, end date and income category and click “generate report”. This shows a detailed report for all income for that period. Click on View/Edit and you can edit and delete entries direct from this report.
Expense All Categories – enter start date and end date and click “generate report”. This shows a detailed report for all categories for that period. Click on View/Edit and you can edit and delete entries direct from this report.
All Reports can be saved to your device or printed using the information on the screen.
This application is designed to assist in complying with the Australian Taxation Office requirements for record keeping.
HINT: If you wish to enter an agents statement and check enter the income and the expenses on the same date and do a Cashflow Summary for that one day.
USEFUL LINKS:
ATO Residential rental properties:
https://www.ato.gov.au/
ATO rental properties expenses:
https://www.ato.gov.au/Individuals/Investments-and-assets/Residential-rental-properties/Rental-expenses-to-claim/
Australian Taxation Office Record Keeping:
https://www.ato.gov.au/
ATO rental properties video series:
https://www.ato.gov.au/individuals-and-families/investments-and-assets/residential-rental-properties/owning-and-renting-a-property-or-holiday-home#ato-Rentalpropertyvideoseries
ATO GST & Commercial Property:
https://www.ato.gov.au/Business/GST/In-detail/Your-industry/Property/GST-and-property/?page=3#Leasing_or_renting_commercial_premises
ATO GST & Property:
http://www.ato.gov.au/Business/GST/In-detail/Your-industry/Property/GST-and-property/
Disclaimer
The information included on these pages is of a general nature and should be used only as a guide. Information may apply differently to different people in different circumstances. Taxation and related laws and practices can change frequently and without warning and caution must be exercised when relying on any information. Advice specific to an individual’s situation should be sought from a qualified and, where required by law, registered source.