What records do you need to keep?

You must keep proper records in order to make a claim, even if you use a tax agent to prepare your tax return. This includes records of:

  • the rental income you receive and the expenses you pay for which you can claim a deduction – keep these records for five years from 31 October or, if you lodge later, for five years from the date your tax return is lodged
  • all costs you incurred when you purchased the property, while you owned the property and when you sold the property – you may need to keep some of these records for longer than five years, depending on how long you own the property.

Note: As capital tax gains may apply if you sell your rental property, we recommend you keep records of every transaction over the period of ownership of the property. This would include contracts of purchase and sale, and conveyance and loan documentation. Keeping these records will help you work out your capital gain or loss correctly and ensure you don’t pay more tax than you need to.

See also:

For help in applying this information to your own situation, phone us on 13 28 61 between 8.00am and 6.00pm, Monday to Friday.

    Last modified: 04 Aug 2016QC 21620