Rental Property Records & Expense Checklist
The records and expense categories to gather for an accurate rental schedule, plus the trap that catches investors out most often. Whether each item is deductible depends on your circumstances, and we review everything before it goes in your return.
Important: These resources are provided to help you gather information and maintain records for your tax return. They are general in nature and are not tax advice. Whether an expense is deductible depends on your individual circumstances and the requirements of Australian tax law. Tax Insights will review all information before preparing your tax return.
Income records
- Property manager annual statement, which covers most income and several expenses in one document
- Rent received directly from tenants
- Insurance payouts or retained bond money
Expenses to discuss with your tax agent
- Loan interest statements, plus details of any redraws, refinancing or changes in how the loan has been used
- Council rates, water charges you paid, and land tax where it applies
- Landlord and building insurance
- Body corporate or strata fees
- Repairs, maintenance, pest control, gardening and smoke alarm servicing
- Advertising for tenants, letting fees and property related accounting fees
Depreciation and capital items
- A quantity surveyor depreciation schedule if you have one
- Receipts for new appliances or assets bought for the property
- Purchase and sale settlement statements, stamp duty and legal fees for the cost base
The common trap
- This guide is designed to help you identify expenses you may wish to discuss with your tax agent. Whether an expense is immediately deductible, deductible over time, or not deductible depends on your individual circumstances and the tax law. A repair generally restores something to its original state, while an improvement upgrades it, but the correct treatment always depends on the specifics. Send everything through and we will apply the correct treatment for your situation.
General information only. Whether an item applies to you depends on your circumstances. Ask us if you are unsure.
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