As the end of the financial year approaches, it’s more than just tax time, it’s a chance to take control of your investment performance.
For landlords across Victoria, a well-prepared checklist can make the difference between smooth lodgements and missed deductions.
At RENTED, property management is the only priority.
We help Melbourne investors stay organised, compliant and informed. Here’s your essential End of Financial Year (EOFY) checklist to make sure your rental property works for you.
1. Gather All Income Records
Start by collecting every document related to your rental income.
This includes:
- Rent payments received
- Bond claims or reimbursements
- Insurance payouts (if applicable)
- Short-term or commercial lease income
Accurate records allow you and your accountant to clearly report your property earnings to the Australian Taxation Office (ATO).
2. Review and Claim All Eligible Deductions
Many landlords miss legitimate deductions simply because they forget to track them.
Make sure you include:
- Property management fees
- Advertising and leasing costs
- Repairs and maintenance
- Council rates, water, and strata levies
- Loan interest and bank fees
- Depreciation on fixtures and fittings
A professional property manager can provide an annual summary report so your accountant can easily identify deductible items.
3. Schedule a Depreciation Assessment
Even newer properties may qualify for thousands of dollars in annual deductions.
If you haven’t already, consider arranging a Quantity Surveyor’s Depreciation Report.
This report details the value of the building structure and all depreciable assets, helping you legally maximise your tax return.
4. Check Lease Agreements and Renewals
The EOFY is the ideal moment to review tenancy agreements.
Ask yourself:
- Is the rent still in line with the market?
- Does the current lease align with your financial goals?
- Are there upcoming renewals that need early negotiation?
At RENTED, we review every lease proactively to ensure owners are never caught off-guard by sudden vacancies or unreviewed rents.
5. Inspect Property Condition and Maintenance
Routine inspections ensure your asset remains in excellent condition.
EOFY is a good time to plan upcoming repairs, upgrades, or safety checks before the new financial year begins.
Addressing small issues now avoids larger costs later and can improve tenant satisfaction — and retention.
6. Confirm Safety Compliance
Victorian legislation requires residential rental properties to meet ongoing safety standards.
Check that your property has up-to-date:
- Electrical safety checks
- Gas safety checks
- Smoke alarm tests
These are not optional under the Residential Tenancies Regulations 2021.
For commercial properties, verify that your tenants are maintaining essential safety measures such as fire equipment and compliance certificates.
7. Review Landlord Insurance
EOFY is the perfect reminder to revisit your insurance policy.
Make sure it includes adequate coverage for:
- Loss of rent
- Accidental or malicious damage
- Legal liability
- Tenant default
Your property manager can help confirm that your policy matches current market risks.
8. Update Your Property’s Market Appraisal
Markets shift quickly across Victoria.
Request an updated rental appraisal to ensure your property remains priced accurately for the next financial year.
The right rent strategy keeps your property competitive and avoids unnecessary vacancy.
9. Prepare for Tax Time Early
Share all records with your accountant before the 30 June deadline.
Providing your agent’s annual financial statement and any depreciation schedules early helps ensure a stress-free submission.
RENTED’s reporting system gives you a clear, itemised statement for tax purposes — one less thing to chase during EOFY.
10. Plan for the Year Ahead
EOFY is not just about looking back. It’s the perfect time to refine your long-term strategy.
Consider:
- Expanding your portfolio
- Refinancing your investment loan
- Upgrading your property for higher yield
- Consulting your property manager about emerging rental trends
At RENTED, we work closely with landlords to build value into every year, not just manage the paperwork.
Final Thoughts
Owning an investment property in Victoria means staying proactive, compliant, and financially aware.
Having a clear end-of-year checklist ensures nothing slips through the cracks and your property continues to deliver results.
With RENTED Property Management, you’ll always have a management team that handles every detail with precision — because property management is the ONLY priority.
