With today’s technology, it is easy and convenient to capture and store most of your information electronically.
So, make sure you have either old-style paper or electronic images of all receipts and invoices. It makes evaluating the information and processing the return more effective and efficient.
Where you are using electronic banking, download and store the bank and loan statements for the entire 12 months from 01/07/2016 to 30/06/2017. This is especially important for rental properties in Self-Managed Super Funds – as they have to be audited by independent auditors.
We believe… in proper preparation and planning with the goal of success in mind for the future
When you incur a rental expense, the tax savings is not the total amount but the amount multiplied by your marginal tax rate as shown above.