The property management data matching protocol has recently been extended.
Software providers are required to give details of rent and expenses for residential rental properties managed by a property manager.
This information, together with rental data from banks, landlord insurers, rental bond authorities and sharing economy providers gives us insight to common investment property mistakes.
Results from property management data matching
Recent results from property data matching found the following common errors:
- instead of reporting gross rental income and claiming expenses, net rent (after expenses) is reported and the same expenses are claimed a second time
- properties are being omitted from returns
- where they are owned by multiple stakeholders, only one owner reports the property – when both are required to report
- not reporting the rental income received when purchasing an already tenanted property that the new owner intends on moving in to
- capital works or depreciating assets being claimed as repairs and maintenance.
If your clients have forgotten to tell you about any rent received or made mistakes with claiming expenses, lodge an amendment as soon as possible.
Find out about the extended Rental property data matching program.
For more information about other data matching for rental properties, see:
- Landlord insurance
- Residential investment property loan
- Real property transfers report (RPTR)
- Rental bond
- Sharing economy reporting regime.