Capital and Asset Expenditure on Property

YOUR TAX RETURNS
INFORMATION ABOUT SUBSTANTIATING EXPENSES 2017

NAME:
RENTAL PROPERTY

Please provide details of rental income and expenditure for the year ended 30 June 2017. If you can provide rental statements, please do so and detail any other expenditure items below.

If you purchased a new rental property during the year please ensure you include the details in the worksheet for the Purchase of Investments

GROSS RENTAL INCOME

Property Address / Weeks Rented / $

CAPITAL AND ASSET EXPENDITURE ON PROPERTY

Date / Property / Item Details / $

OTHER EXPENDITURE

Insert Property Address / $
Body corporate fees
Cleaning
Council rates
Insurance
Interest expense on loans
Land tax
Property agent fees
Repairs & maintenance
Water rates
Electricity
Insert Property Address / $
Body corporate fees
Cleaning
Council rates
Insurance
Interest expense on loans
Land tax
Property agent fees
Repairs & maintenance
Water rates
Electricity

OTHER EXPENDITURE (Continued)

Insert Property Address / $
Body corporate fees
Cleaning
Council rates
Insurance
Interest expense on loans
Land tax
Property agent fees
Repairs & maintenance
Water rates
Electricity

If you set up/renegotiated a new property loan during the year, please provide the loan statements, so we can assess any borrowing costs claim.

CLAIMING TRAVEL EXPENSES TO INSPECT AND MAINTAIN THE RENTAL PROPERTY (replicate for each property)

Number of car trips to inspect the property Return distance (km)

OR

Insert Property Address / $ / Have you kept written evidence and/or other records? Please tell us what type.
Accommodation costs
Meals
Flights

Please refer to the final page of this schedule for guidance on claiming travel expenses in relation to the management of your rental property.

ALL OTHER RENTAL EXPENSES E.G. REPAIRS, RATES, INSURANCE, ASSOCIATED TRAVEL, ETC.

If you claimed repairs expenses over $300, please provide an explanation of the work affected. Include details of the reason for the repair, a description of the work undertaken, the date the work was affected, and the reason why the claim is considered a repair rather than an improvement to the property.

______

** Please check that your claims are supported by the relevant records, receipts and other written evidence that you may need.

SUBSTANTIATION

The law requires you to keep written evidence to substantiate, or prove, certain deduction claims for work related expenses.

Written evidence must show:

• the name of the supplier
• the amount of the expense
• the nature of the goods or services
• the date the expense was incurred
• the date the document was made out

Important

• A credit card statement is not adequate if it does not accurately describe the goods or services provided.

• A cash register docket is not acceptable unless it contains the details listed above.

• A cheque butt alone is not sufficient documentary evidence.

• If the document does not show the date the expense was incurred, you can use independent evidence - for example, a bank statement that shows when it was paid.

• If the document does not show the nature of the goods or services, you may write in the missing details before you lodge your tax return.

• If you have small expenses of $10 or less, and the total of those expenses is $300 or less, you can make a record of these expenses instead of obtaining a document from the relevant supplier. This record must contain all the details needed for written evidence.

Substantiating and Claiming Travel Expenses

If you claimed travel expenses, what was the reason for the travel? How did you work out your claim?

If the travel involved more than one night away from your home, did you keep a diary record of your travel? Note: you cannot claim your expenses if you did not keep a diary or similar record.

YesNo

If you did not keep the required records but still made a claim, explain what basis you used:

For travel involving less than one night away from your home, did you account for any private purposes when calculating your claim? For example, if you combined a holiday with an inspection of the property, you may need to apportion your claim.

YesNo

If you answered yes, explain how you apportioned any private component: