Keeping accurate records of rental income and property expenses makes it easier to manage your investment and provide the information your accountant needs.
Depending on your circumstances and current tax rules, expenses associated with earning rental income may include:
The treatment of repairs, improvements, private use, mixed-use holiday accommodation and financing costs can differ. An expense being connected with a property does not automatically mean it is deductible.
Russell and Okiato homes may require regular exterior washing, painting, ventilation work, vegetation management or attention to salt-related wear. Keep invoices and clear descriptions of work completed. This helps your accountant distinguish routine maintenance from capital improvements and also creates a useful history for future property decisions.
Tax rules change and every owner’s position is different. This page is general information only and is not tax or financial advice. Speak with a New Zealand accountant or tax adviser about what applies to you and refer to current Inland Revenue guidance.
Ray White Russell can provide organised owner statements and property management records. Learn more about our property management services or read the full landlord guide.