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.
Good recordkeeping is not just about tax time — it is the foundation of understanding whether your investment property is actually performing as expected. Without accurate records of what comes in and what goes out, you are managing blind.
The following checklist covers the key financial records that rental property investors should maintain throughout the year. The goal is to have everything organised, retrievable and complete before you sit down with your accountant — not to discover gaps when it is too late to fill them.
Rent income records
- Weekly or monthly rent payment records for every tenant.
- Agent rental statements if you use a property manager.
- Bank statements showing rental deposits, with the property clearly identifiable.
- Records of any rent arrears and how they were resolved.
- Income from short-term rental platforms (e.g. Airbnb host reports or payout summaries).
Expense receipts and invoices
- All repair and maintenance invoices with date, provider name and property address.
- Body corporate levy statements and any special levies.
- Council rates and water usage notices.
- Insurance premium receipts — building, landlord, contents.
- Property management and letting fee invoices.
- Advertising invoices for tenant search campaigns.
- Pest control, cleaning, lawn maintenance and garden invoices.
- Any professional fees — accountant, quantity surveyor, valuers.
Loan and financing records
- Annual interest statements from your lender for each investment property loan.
- Loan account statements showing month-by-month closing balances.
- Any fees charged on investment loans during the year.
- Refinancing costs if you switched lenders.
- Offset account statements linked to investment loans.
Capital improvements
- Invoices and contracts for any renovation or improvement work completed during the year.
- Records of newly installed fixtures, appliances or equipment with purchase price and installation date.
- Updated depreciation schedule from your quantity surveyor if major works were completed.
- Any council approvals or permits related to building works.
Tenancy records
- Signed lease agreements (current and any expired within the year).
- Entry and exit condition reports.
- Bond lodgement and release records.
- Any tribunal or dispute resolution outcomes.
Insurance and compliance
- Landlord insurance policy documents and premium invoices.
- Any insurance claims made during the year and outcomes.
- Smoke alarm compliance certificates.
- Electrical safety or gas compliance certificates where applicable.
How long should you keep these records?
The general rule is to keep financial records for at least five years from the date you lodge the relevant return. However, records related to capital improvements — because they affect your cost base when you eventually sell — need to be kept for the entire period of ownership, plus the standard retention period after disposal.
This means a bathroom renovation carried out in year three of a fifteen-year hold must still be producible fifteen years later, and for several years after the property is sold. Most investors do not plan for this, and many lose records that turn out to matter significantly.
Tenancy records — condition reports, lease agreements, bond correspondence — should be kept for the duration of the tenancy plus several years after, in case property damage claims or tribunal matters arise after the tenant leaves.
Organising records by property, not by year
The most common mistake investors make is organising records by year — a folder for 2023, a folder for 2024 — rather than by property. Filing by year makes individual tax returns marginally easier to compile, but it makes everything else harder: answering a question about a specific property's cost history, producing documents for a sale, or reviewing whether a particular property is worth holding.
Organise by property first, then by year within each property. This structure matches how you actually need to use the information over a long investment horizon.
How Akweno helps
Akweno organises every transaction, document and capital event by property — not by year or folder. Your income history, expense history, loan balance and uploaded documents are always attached to the property they belong to, so you can answer any question about any property at any time, not just at EOFY.
Reminder: This checklist is a general guide only and does not constitute tax advice. Recordkeeping obligations and deductibility rules vary depending on your individual circumstances, structure and jurisdiction. Consult a registered tax agent or accountant before lodging your return.