Important disclaimer
This article is general information only and does not constitute financial, tax or legal advice. Every investor's situation is different. You should not rely on this content when making investment or tax decisions — seek independent advice from a registered tax agent, accountant or financial adviser who understands your specific circumstances.
The end of the Australian financial year (30 June) is the point at which everything you have earned from and spent on your investment properties needs to be accounted for. Getting this right requires more than receipts in a folder — it requires a complete and organised record of every item of income, every deductible expense, every loan cost and every capital event during the year.
This checklist is designed for Australian residential property investors. It covers the major categories your accountant will work through when preparing your return. Use it as a starting point, not a substitute for professional advice — the deductibility of individual items depends on your specific circumstances and the ATO guidelines that apply to your situation.
Income
- Total rental income received for the full financial year (1 July – 30 June).
- Rental income from all properties, including short-term rentals and Airbnb.
- Any bond amounts retained (where the bond or part of it was applied to arrears or damage).
- Insurance claim proceeds that relate to lost rental income.
- Any other income derived from the property (e.g. fees from signage or parking).
Expenses
- Advertising costs for finding tenants.
- Body corporate / strata fees.
- Council rates and water rates.
- Cleaning, gardening and pest control costs.
- Insurance premiums — building, landlord and contents.
- Interest on loans used to acquire or improve the property.
- Land tax (where applicable in your state).
- Legal expenses related to the tenancy (not the property purchase).
- Property management fees and letting fees.
- Repairs and maintenance costs (separate from capital improvements).
- Depreciation claimed via your quantity surveyor's schedule.
- Travel expenses (deductibility rules have tightened — confirm with your accountant).
Loan and financing
- Annual interest statements from each lender for each property loan.
- Loan account statements showing the opening and closing balances.
- Any break costs, refinancing fees or loan establishment charges paid during the year.
- Details of any offset accounts associated with investment loans.
Capital items and improvements
- Invoices for any capital improvements completed during the year.
- Updated quantity surveyor depreciation schedule if improvements were made.
- Records of any assets purchased for the property (appliances, fixtures).
- Details of any assets disposed of or written off.
Ownership and structure
- Confirm the ownership structure is recorded correctly (individual, joint, SMSF, trust).
- If jointly owned, confirm the ownership split percentage used for income and expense apportionment.
- Any changes to ownership during the year (e.g. addition of a spouse to the title).
Timing matters
Most items are assessed on a cash basis — the income or expense is recognised in the year it is received or paid, not when it accrues. So a rent payment received on 2 July is income in the next financial year, even if the rent period started before 30 June. Similarly, a repair invoice paid on 1 July is a next-year expense, even if the work was carried out in June.
If you prepay expenses before year-end — such as insurance or interest — the rules around deductibility of prepayments are specific. This is an area where accountant guidance is particularly important.
Repairs versus capital improvements
This distinction matters significantly. A repair that restores the property to its original condition is generally immediately deductible. An improvement that adds to the property's value, extends its life or changes its character is a capital expenditure — deductible over time via depreciation, not immediately.
The line between the two is not always obvious. If you are unsure whether a particular cost is a repair or an improvement, list it separately and discuss it with your accountant before lodging.
How Akweno helps at EOFY
Akweno records every income and expense entry against the property it belongs to, with dates and categories, so your financial year summary is always one export away. Loans, valuations and capital improvements are tracked separately — everything your accountant needs is organised by property, not scattered across folders and bank statements.
Reminder: This checklist is a general guide only. Tax law changes frequently and your personal circumstances affect what is and is not deductible. Always work with a registered tax agent or accountant before lodging your return.