As 31 March 2015 fast approaches it is a good time to start thinking about getting your rental property accounting and tax obligations sorted. Below are some simple tips, which will help you get sorted for tax time.

1. Start Thinking About Tax Now!

It is best to start planning for tax early. If you are unsure about what you are required to do to comply with your tax obligations for the 2015 tax year talk to us now. As a Property Tax Return’s client you are entitled to unlimited tax advice and assistance with your rental property tax obligations.

Our staff are always available to help with any queries you may have. If you are an existing client or are interested in using us to meet your rental property accounting requirements please feel free to 2. Understand What Expenses you can Claim

It is important to know what expenses you can claim against your rental property income and what you cannot. We have published a brief list of what you can and cannot claim on our website:

https://www.propertytaxreturns.co.nz/property-tax-returns-faqs/contact us at anytime for advice. It is important to remember that will need to be able to produce invoices or receipts to support any expense claims made.

3. Get Your Records In Order

Taking time to get your records in order will help you determine what your tax obligations in relation to your rental property may look like and can also act as catalyst to chase up any other rental property matters you may have to deal with.

Providing good accurate information to us will ensure that we can complete your rental property accounting obligations quickly and get any refund owed to you from Inland Revenue into your bank account quicker.

4. File on Time

If you do not have an accountant you are required to file by 7 July 2015. Failure to file by this date will result in Inland Revenue imposing a $50 late filing fee.

If you are an existing Property Tax Returns client or a new client you will qualify for an extension of time to file your tax return until 31 March 2016. However, we like to file our clients returns as soon as possible so that they get the financial benefit of any refund due sooner.

We are property taxation experts, contact us for a no obligation discussion about how we can help you meet your rental property tax obligations as part of our fixed fee service.