Residential investment property income & expense info gathering

Author: Duncan Warnock CPA | September, 2025

Whether you have had an investment property for awhile or whether its your first tax return where you have a rental property many of the record keeping requirements are similar.  Its important to keep adequate records. This is so you can claim everything you're entitled to. You also need records of the date and costs of buying the property so any capital gain (or capital loss) can be accurately calculated when you dispose of the property.

First Tax Return Year after Purchase

The 2 most important property purchase documents are usually

1. Purchase Settlement Statement of Adjustments prepared by the Solicitor/Conveyancer at Settlement
2. Contract of Sale for the purchase

Tax Return Year (Financial Year) 

Whether its the first tax return year for the property or not the following info gathering approach will either cover everything or cover most things as a good starting point

#1 - Annual Real Estate Agent Income & Expenses Summary Statement from 1 July to 30 June

• This will usually cover off, Rental income, Agent Management fees, some or all repairs & sometimes expenses such as Insurance, Body Corp rates, Council rates & Water rates 

#2 - Other transactions not addressed by the Annual Real Estate Agent Income & Expenses Summary Statement

1. Repairs paid directly & not paid by the Agent 
2. Council Rates paid directly & not paid by the Agent 
3. Water Rates paid directly & not paid by the Agent 
4. Insurance paid directly & not paid by the Agent 
5. Body Corp rates (if applicable) paid directly & not paid by the Agent 
6. Loan Interest - If the property is financed then gather the LOAN Bank Statements for the tax year (1 July to 30 June) 
7. Any other expense that is relevant ?

#3 - Quantity Surveyor Depreciation - If you had a Quantity Surveyor prepare a depreciation report then please supply that as well 

For further assistance with the preparation of a Rental Property tax return (or any other tax return), contact us to arrange a meeting with Duncan Warnock CPA from the Warnock Accounting Maribyrnong office.