Are PMs obliged to issue FY statements, QLD ?

@GapPhantom - your PM is kind of correct.

When I receive transactions into my trust account they always display the date they were paid by the tenant. Ie. If a tenant sends me a payment on the 30th June it *has* to be receipted as being paid on the 30th June as this is the date on the bank statement (even though I may not see it until the 1st July). Once money is received, it is automatically yours from a tax perspective - whether or not you've received it into your bank account.

The PM should still be using standard FY dates on their FY statements, but in your case the figures sound like they're correct on face value.

 

Might want to double check the OP post they have already left so this isn't possible.

If they were still there then yes that is an option and others would of said to do this (including myself) but he has left so has no chips on the table with the agent and is trying to get something for free.

Pay $30 or do it yourself are be options and this is a really cheap lesson in making sure they read contracts moving forward.

 

@Lil Skater there in lies the problem..

There are no dates given for when the tenants are making the payments, so I have no idea whether it was on time, in arrears, or actually made on the date the invoice was issued to me!!!
3 line items on the "Monthly statement" are shown, the first being the rent received, but with absolutely no date reference to when it was receipted by the PM... The other 2 line items, are dated the same date the invoice is issued i.e. 1 July, showing as "Management Fee $xxx" and "Payment to Owner $yyy"...

 

@GapPhantom - it won't show you the date the tenant paid, but if you're concerned you should be able to simply ask the PM.

Statement should show 1/07/2016 - 30/06/2017 with the payment to you on the 1/07/2016 excluded. It was paid by the tenant on or before 30/06/2016 and therefore falls into the previous tax year - regardless of when it actually hit your physical account.

Sorry OP for hijacking

 

That really annoys me. These days software should email on demand = free. Who mails things ? I often find that the same agent charges $5.50 a month for statement to be mailed (that they now email) and a sundries charge of $12 a month and $XXX for tenancy inspections and a huge $900 letting fee etc. Others dont charge these things and its $150 for letting etc..The list goes on. They are doing what Jetstar do.

That said - pay the $30 !! ....I get a few clients who send me 12 x statements and I can guarantee you it costs much more than $30 to add it all up. I ensure I add the extra charge as a reminder that they didnt save a cent. One flipped when it worked out to be 1 hr for four properties and even said - You can add them up as I didnt want to pay the $30 per property. So I charged extra for the time.

I dont accept loads of extra fees . Its says something about the agent I think. I'm happy to pay a reasonable all up rate though.

 

Even if the annual total was the same? Just trying to tell if you're cheap or afraid of labels

 

Im prepared to pay a fair and reasonable annual fee and normal costs. Later adding a range of add ons is a bit deceptive. The add on issue is the key matter. Sometimes some costs are a try on too...Advertising should be what it says - actual costs. No issue there. Important owners also check out commercial pricing for their region. It can vary. I wont try to negotiate down if its competitive...Its the cost.

I know one Sydney beach agency that charges $1500 for a letting change. Another in same suburb is $400. I wonder what the true cost is v's what is charged? Not like a lawyer comes in to write a lease.

I question if a $30 pa annual statement fee is a revenue farming exercise. One I saw a few weeks back charged $55...To send a annual statement. Client said it came in same envelope as June.

 

You either choose to pay the price a person wants or you choose someone else.

The person with a cheaper PM % rate may end up more expensive than another due to the all inclusive nature or maybe not. However there is also a difference between cost and value.