What a financial year review shows your accountant
The financial year review lays each year out the way tax is prepared. For each property, it shows the rent received, the interest paid, the costs and the net cash result. It also shows the value and the debt at 30 June.
It sets up to five years side by side. Download spreadsheet saves them as a CSV an accountant can load. The review is built from records dated in the year, so a year is right only when its records are.
By property, by year
Each property has a row for each year. The row has rent, interest, costs and the net cash result, then the value, debt and equity at 30 June.
Read down the rows to see how a property has changed over the years. Read across to compare what each property left in the same year. A property with a negative net cash result and a value that did not move is the row an accountant will ask about.
By legal owner, where tax settings are recorded
Where the legal owners have tax settings for the year, the review works out each owner's estimated income tax. It uses their income and costs, on the share they hold or owe. That gives their net cash result.
Where the settings are missing, the year shows no tax, and its column says so. The review does not guess.
Why 30 June records matter
A value dated 30 June and a lender balance dated 30 June make the year comparable to the next. A value from March and a balance from August give a year whose figures cannot be matched up.
Setup lists the 30 June records a year is missing. The review shows a year with a gap as unavailable, with the record it needs. It does not show a wrong number.
The export
The CSV holds the figures the page shows. It has one row for each year of the portfolio, then of each legal owner, then of each property. Every amount is in dollars. It is the file to send an accountant in July, with the statements behind it.
The review is also a document a sent report or a schedule can include. So an adviser can send it at year end.