To furnish, or not to furnish?
What records do I need to keep?
You need to keep proper records in order to make a claim, regardless of whether you use a tax agent to prepare your tax return or you do it yourself. You must keep records of:
- The rental income you receive and the deductible expenses you pay – keep these records for five years from 31 October or, if you lodge your tax return later, for five years from the date your tax return is lodged
- Your ownership of the property and all the costs of purchasing/acquiring and selling/disposing of it – keep these records for five years from the date you sell/dispose of your rental property, it is always a good idea not to dispose of this information.