Xero Tax Rental Schedule Transfer

We recommend that you download this custom chart of accounts when you create the subscription. If you have already created the subscription, “export” the chart of accounts, copy and paste the expense accounts from this chart of accounts and import the result back into xero. The $10 per month plan is perfect for tracking rental properties. It includes bank feeds (and xero has the best in the industry), but no payroll or GST or other features you don`t need. Unfortunately, this plan is not publicly available, so ask your accountant to set it up for you or contact me. You can set up any expense account. Your accountant will be able to determine what`s relevant and ignore the rest when it`s time to file your tax return. In the settings, you need to configure tracking, add a tracking category called Property, and list the street or suburb name for each property. This allows you to specify a property for each transaction. Later, if you look at a “Profit & Loss” report, you can apply a filter to include or exclude properties as you wish. I have published a chart of accounts on Gitlab that includes income and expense accounts as they appear on an Australian tax return.

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