30th June 2016

End of financial year checklist

With the end of the financial year, tax matters are at the forefront of our minds. Below, we have provided a brief checklist of some items that may help you to prepare for meeting with your accountant.

Some items to provide or discuss with your accountant:-

Accounting:

 

Expenses

If you pay your own expenses, you may have some or all of the following, which your accountant will need.

- council instalments x 4

- water service charges x 4

- land tax (if applicable)

- repair/maintenance invoices

 

Depreciation        

Are you claiming depreciation?

Do you have a depreciation schedule?

- Are there any new items to be added?

- Are there any items to be removed and if yes, has the total depreciation been claimed or written off?

 

Bank statements

Does your accountant require bank statements for calculation of interest etc. Prepare the bank statements for the period July 2015- Jun 2016.

 

Travel    

Did you travel to inspect your investment property? This may be tax deductible.

 

The end of the financial year is also a good time to review other general property and financial related items:-

General items for review

Insurance

Is your insurance up to date and adequate?

Review your policies for:-

- Sum insured

- Type of insurance: building/ landlord/public liability/contents.

 

Interest rates

Review interest rates and loans.

 

Land tax

The State Revenue Office now data matches with other government departments.

Please check with your accountant if you are liable for land tax, especially if your investment property was previously your principal place of residence.

 

We hope that this checklist is of use in your end of year preparations.

 

Yours sincerely,

The team at Blue square property