Haven't Had Your 2018 Financial Statements & Tax Returns Completed Yet?
20 November 2018
Haven't Had Your 2018 Financial Statements and Tax Returns Completed Yet?
3 Easy Steps to get this done without the panic, plus a few extra tips.
1. Organise a free 5-10 minute telephone chat with Ross. If you are not a current client of Coombe Smith, Click here to book the time that suits you best.
If you are already an existing client of Coombe Smith, you can just call Ross or Karen on (07) 839 2801.
2. Ross will help you work out the easiest way to put your financial information together, and may suggest using Xero to help.
3. Get your information together and in to Coombe Smith before 15 December 2018 so that we have lots of time to complete your Financial Statements and Tax Returns before the 31 March 2019 deadline!.
- Get loan summaries from your bank. These will show the balance at the end of the financial year (31 March), plus the interest paid for the year.
- Get property management summaries from your property manager. These normally show the rent received for the year, property management fees paid, repairs paid, and other annual information.
- If your repairs are over $500 for the year, make sure there is a breakdown of repairs, as we will want to check anything over $500.
- If you have purchased a new property, should you get a chattels valuation? Here's a link for more information on this.
BEST TIP FOR FUTURE
Most important tip is to make sure your accounting is as easy as possible, especially for the future.
I recommend that you have a separate rental bank account, where the rent goes into and all expenses are paid out of.
For example: If you need to pay $3,000 for a heat pump, you personally introduce the $3,000 into the rental bank account and then pay the expense from the rental bank account.
Or, if you have paid for an item on your personal credit card, that the rental bank account reimburses you for this straight away. This keeps things simple.