Doing my tax

Do I need to lodge a tax return?

This typically depends on lots of different factors, but generally if you earn more than $18,200 per year then you will need to lodge a tax return.

If you determine that you don’t need to lodge a tax return you still need to notify the ATO that no return is necessary by lodging a non-lodgment advice.

If you’re not sure, it’s best to speak to an accountant.

This is the first year I’ve had an investment property. What information do I need to provide to my accountant?

We have a handy checklist to help you pull together all the information your accountant will need to complete your tax return, which you can download from our forms and downloads page.

Basically, you will need to provide:

  • Your rental property statement which shows your rental income and expenses paid your property manager
  • Body corporate fees paid
  • Council rates paid
  • Water rates paid
  • Interest paid on your mortgage
  • Bank charges on your mortgage
  • Any repairs and maintenance costs
  • A depreciation report that shows what depreciation claims are available.  If you don’t have one we can discuss with you whether it beneficial to purchase one.

If it is a newly acquired property, you will also need to provide:

  • Settlement statement or statement of adjustments provided by your lawyer at settlement
  • Your first loan statement

I’ve sold my investment property this year, what information do I need to provide to my accountant?

This depends on a lot of different factors but you will generally always need to provide:

  • Settlement statement or statement of adjustments provided by your lawyer at settlement of the sale
  • Sale contract
  • Settlement statement or statement of adjustments provided by your lawyer at settlement of the purchase
  • Stamp duty on acquisition
  • Agents fees on disposal
  • Legal fees on purchase and disposal

In the lead up to your appointment with our accounting team, we will be in touch to determine if any other information is required.