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Rental property schedule and sharing between tax returns

Keypoints

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    You can share rental property income between individual returns only with multiple owners (more than 2 owners) Sharing with non-individual entity type is coming soon!

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    When sharing data with other owners, you will be pushing the data from the current tax return into other returns.

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    When the rental property income is shared, the schedule will automatically be created in the other return.

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    You can edit data in any tax return you've shared into. This will adjust the values in the other tax returns when you click share.

The ATO requires that a Rental schedule be prepared and lodged for each rental property that is the subject of assessable income/loss.

In MYOB Practice, you can create one or more rental schedules in an individual tax return and share rental income with multiple owners, wherein MYOB AO you could share only with 2 owners.

To access the rental schedule, from the Tax workpapers & schedules drop down, select Rental property schedule.

To create rental schedule

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  1. To access the rental schedule, from the Tax workpapers & schedules drop down, select Rental property schedule.

  2. To add more than one rental property, select Rental property schedule again from the drop-down.

    1. If there is more than one rental property, the property address will be displayed.

Private use

If the rental property is used for private use by the owner, then you can enter a number in private use percentage field and this will be applied to all expenses.

But if the private is only for certain expenses, enter an amount in the private use amount field at the respective expenses.

You can edit all Ownership share and Private use fields where the values were automatically populated using the small pen icon located in the field. To reset the value, click the reset icon.

Sharing rental property data

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You can share rental property data between individual returns only. Sharing with non-individual entity types is coming soon!

  1. Open the tax return and create a Rental property schedule.

    Make sure you've created the tax return you're going to share the data with a status of In Progress. You cannot share the data into a return with a status Approved or Lodged.

  2. Go to the Share rental property details, income, and expenses section.

  3. Enter the name of the client and TFN.

  4. Select Share data to other owners.
    The rental schedules are auto-created when sharing links using the first line of the rental property address, if there's a schedule with the same address it will be over-written. If there's no schedule with the same address, a schedule will be created.

  5. In the Share rental property data window, select Share to selected. The rental property schedule will automatically be created in other owner's returns and the income and other details will be shared.

    If you see 'Action required' section in the Share rental property data window, fix the error as per the description (you can do this in another browser tab) and then select Refresh list.

You can share rental property data between individual returns only. Sharing with non-individual entity types is coming soon!

FAQs

  • How can I create multi-property rental schedule?
    You'll need to add a rental schedule for each property you want to add.

  • Can I share with a owner who is not in my database?
    Yes, you can add an owner who is not your client for reference. This section is not lodged with the ATO.

  • Can I edit data on all the returns shared into?
    Data can be edited in any return that has been shared into and then click Share data into other returns to update.