Assets

4.1.7 Assets: Add Asset – Direct Property

To record a new investment in Direct Property (houses, units, land or commercial buildings, for example) or extensions or renovations or other capital value adds to existing Direct Property Holdings, from the ASSETS TAB, select ADD NEW ASSET.

Mclowd displays:

Assets Tab Button Menu

Click ADD NEW ASSET.

Mclowd displays:

Assets|Add New

Select the Account.

Assets|Add New|Select Account

In the Asset Class drop-down, select Direct Property. Accept the default Asset Category (Domestic), or change to Foreign if this is a foreign investment.

Mclowd displays:Fund Setup|Investments|Add Direct Property

For purchases of New Property

In the Holding drop down, select New Property.

Add Assets|Direct Property|Select existing property

Assign a recognizable name to your property – one that will distinguish it from any other property holding.

In the Asset Type field, select whether this is a Residential, Commercial or Industrial property.

Enter the Unit number (if any), Street number, Street name, Suburb name, State and Postcode.

Enter the date you purchased the property by selecting from the calendar popup.

Enter the CGT date by selecting from the calendar popup. The CGT date is the date the property was put into service as an investment. This is the start date for capital gains tax calculations.


NOTE: If you extended or improved a property you purchased, or made other cost base adjustments at the time of purchase, you should first enter the property details, then ADD ANOTHER ITEM and select the property to enter details of expenditure that added capital value.

You can continue adding lines until the Total displayed equals the final capital cost of the property.


Click SAVE ASSET or SAVE & ADD ANOTHER if you have more Investments to add.

For value adds to existing properties:

Select the property from the dropdown Holding list:

Add Assets|Direct Property|Select existing property

Mclowd will fill in the property details.

Assets|Direct Property|Filled

In the lower section,

Assets_DirectPropertyLineBlank

enter the date of your new value-add purchase.

Enter the CGT date applicable for this new addition (the date the addition came into service as an income-earning asset).

Enter a description of the purchase and the $ amount.

In the From Account field, select the account from which this purchase was made:

Assets|Direct Property|Account selection

If you have invested in further value-add capital items relating to this property, click ADD ANOTHER ITEM to add additional lines. Continue until all items have been entered and the total represents the total capital cost of the property.

When all data has been entered correctly, Click SAVE ASSET or SAVE & ADD ANOTHER if you have more Investments to add.)

about the author:

Lorraine Cobcroft

With a background in accounting and financial management, followed by two decades writing software documentation, Lorraine joined the Mclowd team in mid-2016 and is enjoying working with a dynamic team to enhance an innovative product that has the potential to revolutionize the way Australians manage their retirement funding. Lorraine is also an accomplished business writer, ghost-writer, novelist and short-story writer and poet.

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