Handy Rental Property Income & Expenses Checklist

Owning, selling  or are you thinking of buying a rental property?

Here is our checklist to help you with what you can claim and should keep.

• If the property wasn’t rented for the full financial year, then provide the date of when the property was first made available to be rented e.g. when it was advertised and listed with a managing agent.
• Provide purchase date, price, and related costs such as stamp duty, legal fees, registration fees, etc.  A copy of the Settlement Statement from your solicitor is very useful.
• Provide details of whose name the property is registered in and, where more than one owner, the percentage of ownership
• Provide details of rent received, reimbursement of expenses, bond forfeiture, or other income.  Your managing agent will provide you with an Annual Statement that should contain this information.
• Provide details of expenses of running and maintaining the property:
  • Council rates
  • Water charges
  • Body corporate fees (if applicable)
  • Insurance
  • Advertising
  • Repairs & Maintenance e.g. electrical, plumbing, etc
  • Any management fees & agent commission (Usually listed on the Managing Agent’s Annual Statement)
  • Rental advertising fees
  • Cleaning, gardening, and rubbish removal
  • Purchase price and date of purchase for any new assets bought for the property e.g., air-conditioner, stove, dishwasher.
  • Postage, telephone & stationery expenses
  • Land Tax if applicable (N.B. Your principal place of residence should not be subject to Land Tax).
  • Legal fees relating to tenancy disputes, etc.
  • Any other expenses
• Interest, mortgage insurance, borrowing fees and bank fees on any loan taken out to purchase the property
• Get building allowance & depreciation schedule done by qualified Quantity surveyor