Self managing and receipts

Discussion in 'Property Management' started by Hodge, 3rd Jul, 2017.

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  1. Hodge

    Hodge Well-Known Member

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    For those that self manage their IP's - do you issue your tenant a receipt when rent is paid and received? Pretty sure real estate doesn't bother but thought it might be a good idea as evidence come tax time?
     
    Hodge, 3rd Jul, 2017
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  2. Tanya1335

    Tanya1335 Well-Known Member

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    I think you will find you only need to issue a receipt if rent is paid in cash otherwise you will be able to show the rent coming in through the bank statements- that's what happens in QLD any way
     
    Tanya1335, 3rd Jul, 2017
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  3. Hodge

    Hodge Well-Known Member

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    @Tanya1335 Thanks for the reply. My tenant pays me via direct debit so it would show up on my bank statements. I guess that should be enough to prove to the tax man.
     
    Hodge, 3rd Jul, 2017
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  4. Tanya1335

    Tanya1335 Well-Known Member

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    That would be all your accountant would require
     
    Tanya1335, 3rd Jul, 2017
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  5. Hodge

    Hodge Well-Known Member

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    Thank you.
     
    Hodge, 3rd Jul, 2017
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