What info should you keep for your rental property? Your accountant should be able to give you a specific list based on your situation, but here is a general guide.
This list assumes you are using a property manager. All costs are for the 12 months preceding 31 March:
- Copy of Sale & Purchase Agreement (if 1st year)
- Total Rent Received
- Insurances, e.g. Landlord Protection, Mortgage Protection, House
- Legal fees
- Property Management fees (if applicable)
- Rates – water and Council
- Maintenance, including any purchases e.g. heat-pump
- Rubbish collection (if you are paying for it)
- Property improvements (detailed invoices please)
- Any other fees or charges
- Sale and purchase agreement
In our view, Home Office expenses can be claimed if you have rental property; however, as it is generally passive income (unless you are managing the properties yourself) we recommend a conservative claim, as follows:
- Telephone – please separate out the costs of line rental, internet and tolls
- Mobile phone costs
- Stationery, e.g., printer ink, pens, paper etc
- Visits to the rental property - please record the date of each trip you make to your rental property to check on it.
- Any new business related expenses e.g., new computer, new cell phone, new iPad etc. Include date and cost
- Any “home office” improvements (if in doubt, please keep records and we can verify these at year end)
For the rental property:
- Full bank statements for the 12 months ending 31 March
- Applicable interest rate
- Balance remaining on mortgages as at 31 March
- Any fees charged
If you'd like a downloadable copy, please see below.
Why keep good records? The better your records, the more expenses can be legitimately claimed, and the better the tax result is for you. Please remember, all advice given is to be taken in the light of our disclaimer.
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