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You should keep records of both income and expenses relating to your rental property.
Records of rental expenses must be in English, or be readily translatable into English, and 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 does not show the payment date you can use independent evidence, such as a bank statement, to show the date the expense was incurred.
You must keep records of your rental income and expenses for five years from 31 October or, if you lodge later, for five years from the date you lodge your tax return. If at the end of this period you are in a dispute with us that relates to your rental property, you must keep the relevant records until the dispute is resolved.
Do not send these records in with your tax return. Keep them in case we ask to see them.
Capital gains tax
You must keep records relating to your ownership and all the costs of acquiring and disposing of property for five years after the date you dispose of it or otherwise cease to own it.
If you have a capital loss, you should generally keep your records of the CGT event that resulted in the loss for five years from the year in which the loss was made or four years from the date of assessment for the income year in which the capital loss is fully applied against capital gains, whichever is longer. For more information, see Taxation Determination TD 2007/2 - Income tax: should a taxpayer who has incurred a tax loss or made a net capital loss for an income year retain records relevant to the ascertainment of that loss only for the record retention period prescribed under income tax law?.
You must keep records in English (or be readily accessible or translatable into English) that include:
- the date you acquired the asset
- the date you disposed of the asset
- the date you received anything in exchange for the asset
- the parties involved
- any amount that would form part of the cost base of the asset n whether you have claimed an income tax deduction for an item of expenditure.
Last modified: 23 Oct 2009QC 27952
For more information about cost base and record-keeping requirements for capital gains tax purposes, see the Guide to capital gains tax.
End of further information