Step 1. Activate "Rentals" via Manage Section/Financial Picture
Step 2. You need to create "worksheet" via Income > Rent tab
Note that, imported rentals from accounting software does not inject to the form.
Step 3. Fill the Rental information
Step 4. View of the "Rental" summary
Notes
- Adding and linking Capital Works and Capital Allowance, checking this related guide HERE
- CO-Owner
If there is a co-owner of the property, you need to set via "Owners" section, and select percentage.
All Rental Income and Expenses are divided according to the Share Percentage of the owners.
The "Rental Worksheet is automatically linked/synched as long as the partner/spouse is built from the "Relationship" tab.
Remarks: Depreciation is one of the biggest tax deductions available to a property investor and has the potential to boost your cash return. You will need an expert to maximize and give you an accurate report that's compliant with the ATO.
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