Property Investing

5 Quick Tips – Investment Property Record-keeping

Investment Property Record-keeping tips

1.  Keep the bigger picture in mind

It’s important that you don’t let your record-keeping overwhelm you – to the point that it discourages your from buying further investment properties. Be on top of your record-keeping from the start and have a simple system that works for you. A good filing system and a spreadsheet for starters. Online software such as Xero Cashbook are an even better option.

2.  The first year is the most complicated

You won’t be able to claim immediate deductions for all your expenses in the first year – some expenses may need to be written off over several years and some may come into play when it comes time to sell. Be sure to keep extra documentation such as your purchase and sale Contracts, conveyancing documents and loan documents. An accountant experienced in preparing Tax Returns for property investors will know the ins-and-outs, but it’s in your best interests to ensure they have access to everything in order to get the best outcome for you.

3.  If you can’t substantiate it, you can’t claim it

Make sure you keep invoices, receipts and bank statements for all property expenditure, as well as proof that your property was available for rent, such as rental listings. Purchase a diary to help keep track of key dates and travel.

4.  Your record-keeping responsibilities aren’t over once a property is sold

Capital gains tax may apply when you sell your rental property. Keep records over the period you own the property and for five years from the date you sell the property.

5.  Protecting your documents

Scan all your receipts and paperwork for safe-keeping and peace of mind. Have you ever pulled out a cash register receipt after 6 months and the writing has already faded? Imagine what it will look like in 5 years’ time.


In the words of the Australian Taxation Office:

Keeping proof of all your income,

expenses and efforts to rent out your

property means you can claim everything

you are entitled to.


Happy bookkeeping…



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Rental Properties – 4 Handy Bookkeeping Tips

Rental Properties


If you are new to property investing or if the record-keeping side of things is overwhelming you, then read on for 4 tips to help get you on the right track.

1. Proof of Income and Expenses

Keep proof of all your income and expenses. You can scan receipts or take (clear) photos with your mobile and then save them in a folder on your computer or even save them in an email folder. Hard copies of records should be filed away in clearly labelled folders.

2. Assets

Keep a list of all assets purchased for your investment properties. This list should include the date of buying/selling the asset, what you paid for it or sold it for and a description of the asset. This will help your accountant calculate depreciation for the year. Don’t forget your receipts (see #1 above).

3. Reminders

Use your Outlook Calendar or a similar tool to remind you ahead of time when important things are due – for example when your insurance premiums are about to fall due.

4. Keeping up to date

Enter all income and expenses in Excel spreadsheets or accounting software as soon as possible, or schedule in a regular time to do it. Keep on top of your paperwork so that it doesn’t build up to the point where it becomes a source of stress for you.

Extra tip: Don’t forget to make regular back-ups of all your financial information. Backups should be kept in (at least) 2 separate places eg saved to a USB and in the cloud.

Good bookkeeping is the same for property investing

If bookkeeping isn’t your thing, or you would rather be spending that time on other important tasks, think about hiring a good bookkeeper to do the job for you.
Do you own rental properties? Do you have any tips that work well for you?
Happy bookkeeping…