Our Rental Property Tracker is your go-to tool for keeping track of your property’s finances, and it’s an absolute lifesaver when tax time rolls around. It helps you stay organised, ensuring all the income and expenses for your rental property are neatly recorded and ready to go.
We’ll guide you through exactly how to fill our tracker out. See our step-by-step guide below to make the process as simple and stress-free as possible. 🌟 Let’s get started!
Property Details Tab
In this section, you’ll pop in a few key details about your property. Start by entering the property address and the date you purchased it. Don’t forget to include the purchase cost, this isn’t just the price of the property but also any related expenses you had at the time, like legal fees or stamp duty.
You’ll also need to note the date the property first started earning income. This is the first day you received rental income during the year we’re reviewing. These details help us get a clear picture of your property’s financials, so be as thorough as you can!
Now, let’s dive into the rental details for your property. This step specifically applies to the relevant Financial Year, which runs from 1st July to 30th June.
You will need to enter the following:
How many weeks was the property rented out?
How many weeks was it available for rent?
Just a little reminder, these can’t be more than 52 weeks (because, well, there are only 52 weeks in a year). 😊 These details are important for working out your rental income and expenses, so take your time to get them right!
Now let’s move on to the Owners section! Here, you’ll list the names of everyone who owns the property along with their percentage of ownership.
For example:
If you own the property outright, you’ll just pop in your name with 100% ownership.
If the ownership is shared, like a 50/50 split, you’ll list both names and assign 50% each.
Just make sure the total ownership adds up to 100%—that’s the key!
If you sold the property during the year, there are a few key details to note to keep everything organised. First, pop in the sale price, which includes not just the amount you sold the property for but also any costs tied to the sale, like agent fees or legal expenses.
Next, we’ll need the sale date, but here’s the important bit, it must be the contract date, not the settlement date. The contract date determines which tax year the sale falls into, so it’s crucial to get this right.
Income Tab
Let’s move on to the Income tab. The figures you see here are examples only.
For instance, let’s say Joe Blogs paid rent on the 7th of July. This payment covered the period from the 1st to the 7th of July, and the amount received was $450, you would enter it per the screenshot below.
Each payment should be entered with as much detail as possible, it’s all about making sure nothing gets missed and everything is recorded accurately. It might feel a bit tedious at times, but trust me, it’s worth the effort to keep everything spot on. Plus, having those clear, detailed records makes things so much easier when it comes to reconciling or answering any questions later on.
For the most part, everything in the income and rental percentage will be 100%. However, there may be times when you’ve received an amount that isn’t 100% for the rental, such as when it’s split between the rental and something else. In that case, just enter the appropriate percentage here.
Over here, you can either select rental income or other income.
Then, you can add any relevant notes relating to that line.
Expenses Tab
In the expenses tab, it’s pretty much the same process; just enter the date the expense was either paid or incurred, and who you paid it to. Also, enter the enter the details on the Description and how much the total invoice was.
If that amount needs to be apportioned, you can enter the percentage here, and it will flow through automatically.
And then, there’s a long list of categories you can code it to. For example, you’ve got body corporate fees if it’s a strata property, cleaning, council rates, interest, property management fees, everything you should need is here. If you come across an expense that doesn’t quite fit into one of these categories, we also have an "Other Expense" option available.
Then, you’ve got sundry expenses, which are for your property manager or agent. If you select either "Other Expenses" or "Sundry Expenses," just add a note here to specify what it is. This will help anyone working with the spreadsheet later on to understand exactly what those amounts are for.
Profit & Loss Tab
Once you've filled out your income and expenses, they’ll automatically flow through to the Profit & Loss section.
This little report will show your total income and total expenses, and at the bottom, you'll see your net rent, which will help when working everything out at the end of the year.
This tab is actually read-only, so you won’t be able to click into it at all. The reason? It’s locked to prevent any accidental changes that might break the formulas.
Don’t worry, though everything works automatically. As long as the details are entered correctly on the other tabs, it will all flow through seamlessly.
This setup is designed to make it easier to track your rental property income and expenses without any hiccups. It’s all about keeping things simple and stress-free.
This guide to the Rental Workpaper is here to make everything as straightforward as possible for you. With the right tools, keeping track of your rental property income and expenses can be a breeze.
If you have any questions or need a bit of extra help along the way, don’t hesitate to reach out, we’re always here to support you. Thanks for taking the time to read through, and here’s to stress-free property managing! 🥂✨