Income & Expenditure (Tax Summary)

Your Income and Expenditure Report - commonly referred to as a ‘Tax Summary’ - is a list of all financial transactions relating to your investment property that have occurred during the financial year. It combines your monthly statements into one handy document that can assist you (or your financial team) to prepare your annual tax return.

Things to note:

  • Transactions conducted outside of our system will not be shown on this report. This includes any invoices that you have paid directly.

  • To maintain integrity of our financial reporting, we cannot make modifications to this report. We are unable to add on items that you have paid directly.

  • If your property was managed by another company during the financial year, you may need to request the same statement from them so you have a full picture of the transactions that have occurred. We are unable to request a report from your previous managing agent on your behalf.

  • We cannot combine transactions from the report of another managing agent.

  • You can find copies of any invoices paid on your behalf in the corresponding monthly statement. If you require us to compile these documents for you, please allow at least 3 business days for this request to be fulfilled.

FAQs

Please refer to the below FAQ section for answers to some commonly queried items.

What are these expense categories on my statement?

  • Installation or repairs to any type of window covering in your investment property.

  • Most commonly this category will contain charges for Smoke Alarm & RCD compliance checks. Other charges in this category could relate to a building inspection if your property required one during the year.

  • Installation or repairs to any type of flooring in your investment property.

  • All charges related to cleaning at your investment property, including general cleaning, carpet cleaning and blinds cleaning.

  • These are your local council (shire) rates for the financial year.

  • This category covers important documents that we create which accompany the tenancy. Most frequently this will be a Property Condition Report or a Final Bond Inspection Report.

  • All maintenance conducted by a licensed electrician.

  • Includes the cost to list your property for lease on multiple online property portals. We are charged per advert, per service and if the cost exceeds that agreed upon on your management authority, we cover the balance.

  • Typically this category will relate to 'odd jobs' that are completed by a handyman. We may also use this category for unusual repairs that do not fit into any other major category.

  • On your management authority, this will usually be expressed as a fee equivalent to X number of weeks' rent plus GST. You will only incur charges in this category if you have a new tenancy established at your property.

  • Expenses under this category will most often be from a locksmith attending your property to replace or install additional locks.

  • Costs for professional photography completed at your investment property.

  • All maintenance conducted by a licensed plumber.

  • On your management authority, you will see a management fee expressed as a percentage of gross collections. We use this category to distinguish fees charged on the collection of funds relating to rent.

    Funds collected for tenancy invoice reimbursement are charged under 'Tenant Invoice Fee.

  • Most typically this category will relate to charges for gutter cleaning, but it may also include inspections conducted on the roof (eg to find the source of a leak) and repairs such as replacing broken clay tiles.

  • Charges under this category will appear for two reasons - either you have had a new tenancy during the financial year or a new tenant has joined the tenancy at your property during this time.

    We search a variety of databases to establish whether the tenant has been listed as defaulting at another property (for reasons such as owing rent/invoices above their bond).

    Databases charge us per search or for a membership period, and part of this cost is passed onto you when we use these services.

  • On your management authority, you will see a management fee expressed as a percentage of gross collections. We use this category to distinguish fees charged on the collection of funds relating to tenancy invoices.

    Funds collected for rent are charged under 'Residential Management Fee'.

  • This is a combined category for both admin or sinking (reserve fund) levies. Where possible, we will separate these from 'special levies'.

  • Any special levies raised by your strata company which are outside of the budgeted admin/sinking levies. These may be for a one-off expense or to pay for a larger, unexpected maintenance item. Please speak directly with your strata manager if you have queries about special levies.

  • These are the services charge portion of your water corporation bill. Depending on the property and its location, it may include fees for items such as connection to scheme water and sewerage/drainage.

  • This is the water consumption portion of your water corporation invoice. We separate rates vs usage on your statement so you can easily see what portion of water has been reimbursed by your tenancy (if applicable).