As the ATO have been scrutinising rental schedules in recent times, it is important that we get it right.
Below are the steps to complete a rental schedule for our clients.
Collect information from your client. Be sure to collect all the supporting documentation - You can find the checklist for your client here.
Ensure that all expenses are deductible.
Ensure all income is declared.
Complete the workpaper - You can download the workpaper here. You will need to request access.
Upload the workpaper to Xero workpapers along with the supporting documentation.
Add details in the rental schedule - The labels are on the income and expenses tab.
Submit for review.