{"id":221,"date":"2014-05-15T09:45:14","date_gmt":"2014-05-15T09:45:14","guid":{"rendered":"http:\/\/www.taxrecord.com.au\/home\/?page_id=221"},"modified":"2024-09-09T01:43:47","modified_gmt":"2024-09-09T01:43:47","slug":"rental-properties","status":"publish","type":"page","link":"https:\/\/taxrecord.com.au\/home\/rental-properties\/","title":{"rendered":"Rental Properties"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"221\" class=\"elementor elementor-221\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-73253de8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"73253de8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2e8fe65b\" data-id=\"2e8fe65b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8e2090f elementor-widget elementor-widget-heading\" data-id=\"8e2090f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Rental Properties   <\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-30418c22 elementor-widget elementor-widget-text-editor\" data-id=\"30418c22\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>RENTAL PROPERTIES<\/b> is a basic user-friendly program to record all of your rental property income and expenses for both commercial and residential properties.\u00a0 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.<\/p><p><b>TIPS, HINTS &amp; LINKS<\/b><\/p><p>Home takes you to <span style=\"color: #659d43;\"><a style=\"color: #659d43;\" href=\"https:\/\/www.taxrecord.com.au\/home\/\">https:\/\/www.taxrecord.com.au\/home\/<\/a><\/span><\/p><p><b>APPLICATIONS RENTAL PROPERTIES SETTINGS <\/b>\u2013 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.<\/p><p><b>APPLICATIONS RENTAL PROPERTIES INCOME<\/b> \u2013 record your income here.<br \/>Add new income complete the following:<\/p><ul><li>Date<\/li><li>Payee (who pays you income) \u201cManage Payees\u201d creates a standard list.<\/li><li>Details of income \u2013 include extra information if required.<\/li><li>Category &#8211; Drop down list for standard income. To add your own category click \u201cManage Categories\u201d. \u00a0Add new category plus GST type and create.\u00a0 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.<\/li><li>Amount $ price of income<\/li><li>If you want to see the amount of GST calculated click on the grey box next to the amount.<\/li><li>Business Percentage if the income is not 100% for rental property change the % to the relevant percentage<\/li><li>Save creates the income item<\/li><\/ul><p><b>APPLICATIONS RENTAL PROPERTIES EXPENSES<\/b><b> <\/b>&#8211; records any expenses.<br \/>Add new Expense complete the following:<\/p><ul><li>Date<\/li><li>Payee who the expense was paid to. To add a regular payee use \u201cManage Payees\u201d. The payee will be saved for future use<\/li><li>Details enter extra information in relation to the expense<\/li><li>Category \u2013 Drop down list for standard expenses. To add your own category click \u201cManage Categories\u201d.\u00a0 Add new category plus GST Type and create.\u00a0 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.<\/li><li>GST if the type is both GST &amp; 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.<\/li><li>Amount $ price of expense<\/li><li>Rental Property Percentage if the expense is not 100% used for the rental property change the % to the relevant percentage<\/li><li>Save creates the expense item.<\/li><\/ul><p>Once income and expenses have been created they will be summarised in a quick view form when you log in.\u00a0 You can view, edit or delete by using the icons on the right hand side.<\/p><p><b>REPORTS<\/b><br \/><b>Generated<\/b> \u2013 Shows reports generated. Data is as at generated date a new report must be generated to reflect any changes.<\/p><p><b>Income<\/b> \u2013 enter start date and end date and click \u201cgenerate report\u201d.\u00a0 This will generate a \u201cRental Properties Income Report\u201d, showing all income for that period. Click on View\/Edit and you can edit\u00a0and delete entries direct from this report.<\/p><p><b>Expenses<\/b> \u2013 enter start date and end date and click \u201cgenerate report\u201d.\u00a0 This will generate a \u201cRental Properties Expense Report\u201d, showing all expenses for that period. Click on View\/Edit and you can edit\u00a0and delete entries direct from this report.<\/p><p><b>GST <\/b>\u2013 enter start date and end date and click \u201cgenerate report\u201d.\u00a0 This shows all information ready for your BAS form, if relevant.<\/p><p><b>Cashflow Summary<\/b> \u2013 enter start date and end date and click \u201cgenerate PDF\u201d or &#8220;generate CSV&#8221;.\u00a0 This shows a detailed cashflow report for that period.\u00a0 It is recorded as Total Gross, GST &amp; Net under each category.<\/p><p><b>Detailed Entries<\/b> \u2013 enter start date and end date and click \u201cgenerate report\u201d.\u00a0 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.<\/p><p><b>Expense Category<\/b> \u2013 enter start date, end date and expense category eg ; bank fees, and click \u201cgenerate report\u201d.\u00a0 This shows a detailed report of all expenses in that category for that period. Click on View\/Edit and you can edit\u00a0and delete entries direct from this report.<\/p><p><b>Income Category <\/b>\u2013 enter start date, end date and income category and click \u201cgenerate report\u201d.\u00a0 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.<\/p><p><b>Expense All Categories <\/b>\u2013 enter start date and end date and click \u201cgenerate report\u201d.\u00a0 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.<\/p><p>All Reports can be saved to your device or printed using the information on the screen.<\/p><p>This application is designed to assist in complying with the Australian Taxation Office requirements for record keeping.<b><br \/><\/b><\/p><p><b>HINT: If you wish to enter an agents statement and check<\/b> enter the income and the expenses on the same date and do a Cashflow Summary for that one day.<\/p><p><b>USEFUL LINKS:<\/b><\/p><p>ATO Residential rental properties:<br \/><span style=\"color: #659d43;\"><a style=\"color: #659d43;\" title=\"https:\/\/www.ato.gov.au\/Individuals\/Investments-and-assets\/Residential-rental-properties\/Owning-and-renting-a-property-or-holiday-home\/\" href=\"https:\/\/www.ato.gov.au\/Individuals\/Investments-and-assets\/Residential-rental-properties\/Owning-and-renting-a-property-or-holiday-home\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.ato.gov.au\/Individuals\/Investments-and-assets\/Residential-rental-properties\/Owning-and-renting-a-property-or-holiday-home\/&amp;source=gmail&amp;ust=1631762303416000&amp;usg=AFQjCNFOHi3_F4zBr0X-vE7r7UmuQjSUJQ\">https:\/\/www.ato.gov.au\/<wbr \/>Individuals\/Investments-and-<wbr \/>assets\/Residential-rental-<wbr \/>properties\/Owning-and-renting-<wbr \/>a-property-or-holiday-home\/<\/a><\/span><\/p><p>ATO rental properties expenses:<br \/><span style=\"color: #659d43;\"><a style=\"color: #659d43;\" title=\"https:\/\/www.ato.gov.au\/Individuals\/Investments-and-assets\/Residential-rental-properties\/Rental-expenses-to-claim\/\" href=\"https:\/\/www.ato.gov.au\/Individuals\/Investments-and-assets\/Residential-rental-properties\/Rental-expenses-to-claim\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.ato.gov.au\/Individuals\/Investments-and-assets\/Residential-rental-properties\/Rental-expenses-to-claim\/<\/a><\/span><\/p><p>Australian Taxation Office Record Keeping:<br \/><span style=\"color: #659d43;\"><a style=\"color: #659d43;\" title=\"https:\/\/www.ato.gov.au\/Individuals\/Investments-and-assets\/Residential-rental-properties\/Records-for-rental-properties-and-holiday-homes\/\" href=\"https:\/\/www.ato.gov.au\/Individuals\/Investments-and-assets\/Residential-rental-properties\/Records-for-rental-properties-and-holiday-homes\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.ato.gov.au\/Individuals\/Investments-and-assets\/Residential-rental-properties\/Records-for-rental-properties-and-holiday-homes\/&amp;source=gmail&amp;ust=1631762478527000&amp;usg=AFQjCNGjwVjipm72FSO6y4k_LrO6_aIu1Q\">https:\/\/www.ato.gov.au\/<wbr \/>Individuals\/Investments-and-<wbr \/>assets\/Residential-rental-<wbr \/>properties\/Records-for-rental-<wbr \/>properties-and-holiday-homes\/<\/a><\/span><\/p><p>ATO rental properties video series:<br \/><span style=\"color: #659d43;\"><a style=\"color: #659d43;\" title=\"https:\/\/www.ato.gov.au\/Individuals\/Investments-and-assets\/In-detail\/Rental-properties\/Rental-Property-video-series\/\" href=\"https:\/\/www.ato.gov.au\/individuals-and-families\/investments-and-assets\/residential-rental-properties\/owning-and-renting-a-property-or-holiday-home#ato-Rentalpropertyvideoseries\" target=\"_blank\" rel=\"noopener\">https:\/\/www.ato.gov.au\/individuals-and-families\/investments-and-assets\/residential-rental-properties\/owning-and-renting-a-property-or-holiday-home#ato-Rentalpropertyvideoseries<\/a><\/span><\/p><p>ATO GST &amp; Commercial Property:<br \/><span style=\"color: #659d43;\"><a style=\"color: #659d43;\" href=\"https:\/\/www.ato.gov.au\/Business\/GST\/In-detail\/Your-industry\/Property\/GST-and-property\/?page=3#Leasing_or_renting_commercial_premises\" target=\"_blank\" rel=\"noopener\">https:\/\/www.ato.gov.au\/Business\/GST\/In-detail\/Your-industry\/Property\/GST-and-property\/?page=3#Leasing_or_renting_commercial_premises<\/a><\/span><\/p><p>ATO GST &amp; Property:<br \/><span style=\"color: #659d43;\"><a style=\"color: #659d43;\" href=\"http:\/\/www.ato.gov.au\/Business\/GST\/In-detail\/Your-industry\/Property\/GST-and-property\/\" target=\"_blank\" rel=\"noopener\">http:\/\/www.ato.gov.au\/Business\/GST\/In-detail\/Your-industry\/Property\/GST-and-property\/<\/a><\/span><\/p><p><span style=\"font-size: 10px; color: #000000;\">Disclaimer<br \/>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\u2019s situation should be sought from a qualified and, where required by law, registered source.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>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.\u00a0 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. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-221","page","type-page","status-publish","hentry","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rental Properties - Tax Record<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxrecord.com.au\/home\/rental-properties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rental Properties - Tax Record\" \/>\n<meta property=\"og:description\" content=\"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.\u00a0 It is a great replacement for e-record, spreadsheets and manual records. 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