Rental Property Record Keeping Checklist
When you own a rental property in Australia, the ATO expects you to keep records from before you sign the contract, every year you own it, and for at least 5 years after you sell. Use this checklist to make sure nothing is missing at tax time or when you calculate capital gains tax.
- Keep separate records for each property you own.
- Co-owners split rental income and most expenses by their legal interest in the property.
- If you use a tax agent, ask how they want records kept and shared.
When you buy the property
Keep these from the start, even before you sign the contract. They set your cost base and decide your capital gain or loss when you sell.
Purchase records
- Certificate of title showing each owner's name and percentage
- Mortgage papers (the loan contract)
- Other loan documents, including lender's insurance, lender's title search fees and stamp duty on the mortgage
- Land tax assessments
- Receipts for pest and building inspections
- Settlement statement showing conveyancing and legal fees, search costs and state or territory stamp duty
When you first start renting it out
- Receipts and invoices for repairs made before renting it out
- A market valuation from a professional valuer at the date you start renting
- Records of the periods you lived there, such as utility bills or electoral roll confirmation
The last two items are only needed if the property was your main residence before you rented it out.
Rental income records
Declare all rental income in your tax return, including short-term and long-term rentals, sharing platforms such as Airbnb, renting part of your home and overseas properties.
Rental income
- Records of the dates the property was rented
- Statements from your property manager, or receipts you give tenants if you self-manage
- Tenancy agreements
- Statements from sharing economy platforms
- Evidence of other payments from tenants, such as utility costs
Bonds and insurance
- Documents from the government bond authority for any bond money you kept
- Insurance company documents, including any payouts received
Rental expense records
You can only claim expenses you actually incurred, and only the portion that relates to earning rent. If you rent out part of the property, apportion expenses by floor area and sometimes by time.
Loan interest
- Bank statements
- Loan documents
- Details of any redraws and what the money was used for
- Refinancing documents and any extra amounts added to the loan, noting rental or private use
- Calculations apportioning interest for any private use
Running expenses
- Receipts and invoices for every expense, with details of each
- Insurance premium notices
- Your agreement with the rental agent or property manager
- The property manager's annual statement and invoices showing fees, commissions, advertising and minor repairs
- Evidence of efforts to rent the property, such as messages with your agent
- Tenant leases
- Land tax assessments
- Water rates and council rate notices
- Bank statements showing ongoing bank or finance fees
- Body corporate fee notices with the admin and sinking fund breakdown
- Solicitor invoices for legal expenses and accountant invoices
Repairs, maintenance and capital expenses
- Receipts and invoices
- Contracts for work done
- A depreciating assets schedule (capital allowances)
- Property manager reports
- Before and after photos
- Evidence of construction costs (capital works)
You can only claim repairs you paid for, not your own labour.
Short-term rentals and personal use
For Airbnb-style or holiday letting, apportion expenses by the floor area guests use (plus a fair share of common areas) and the number of days the property is rented.
Short-term letting
- Periods the property had paying guests
- Booking confirmations
- Platform, agent or manager statements showing rented periods, fees and commissions (including cancellations), advertising and cleaning fees
- Receipts for utilities, rates, body corporate fees, insurance, repairs, maintenance and depreciating assets
- Calculations for decline in value and capital works
Shared-property apportionment
- A floor plan with the area used by guests clearly marked
- Your apportionment calculations for insurance, cleaning, utilities, internet, body corporate fees and council rates
Personal use
- Periods used by you, family or friends, even at a reduced rate
- Periods the property was your main residence
When you sell the property
Keep these, and every record above, for at least 5 years after the sale.
Sale records
- Contract of sale
- Settlement statement showing conveyancing or solicitor fees and settlement adjustments
- Receipts for advertising and real estate commission
- Details of any unclaimed capital expenses, including initial repairs
- Your calculation of the capital gain or loss
Record keeping FAQs
How long do I need to keep rental property records in Australia?
Keep records of deductions for 5 years from the date you lodge your tax return. Records of buying, owning and selling the property must be kept for at least 5 years after you sell it. If you amend a return, keep the records for the amendment period, usually 2 or 4 years.
Can I keep rental property records digitally?
Yes. Records can be electronic or paper, as long as they are in writing and in English or able to be translated into English. Keep a backup of any digital records.
Do I need separate records for each rental property?
Yes. Keep separate records for each rental property or holiday home. If you co-own a property, the rental income and most expenses are split between owners according to each owner's legal interest.
How can I keep these records automatically?
The Property Accountant connects to 110+ banks via Open Banking to capture loan interest and rental transactions, reads the rental statements, settlement statements and depreciation schedules you forward to your unique email address, and stores every document against the right property.
Based on the Australian Taxation Office's “Record keeping for rental properties” checklist (NAT 75819). This is a general summary only, not tax advice, and is not endorsed by the ATO. See also our guides to tracking your cost base and revenue vs capital expenses.
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