Rental income records
Records of the rent and rent-related income relating to your rental property, include:
- a statement or rental records from your property or managing agent
- a rent book or bank statements that shows the rental payments going into your account
- documents that show a record of any
- tenant leases
- bond money you retain in place of rent.
Rental expenses records
Records of rental expenses relating to your rental property must include the:
- name of the supplier
- amount of the expense
- nature of the goods or services
- date the expense was incurred
- date of the document.
If a document doesn't show the payment date, use independent evidence, such as a bank statement, to show the date you incur the expense.
Format of your records
Your rental income and expenses records must be in English or be readily translatable into English.
Keep records of your rental income and expenses for 5 years from 31 October or, if you lodge later, for 5 years from the date you lodge your tax return. If at the end of this period you're in a dispute with us that relates to your rental property, keep the relevant records until the dispute is resolved.
Don't send these records in with your tax return. Keep them in case we ask to see them.
The following list provides some examples of records you should keep to make it easier to complete your tax return:
- loan documents
- receipts for expenses, including repairs, maintenance, insurance and purchases of depreciating assets
- land tax assessments
- credit card records
- tenant leases
- bank statements
- rent records from managing agents.
Continue to: Worksheet – work out your net rental income or lossExternal Link