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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.

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.