“As an owner in QLD, should I expect to receive statements for the rent payments I receive? Is that a standard thing?“
Property Management Team Leader with Harcourts Kingberry Townsville, Tamara Weight offers some advice on the subject of rent statements:
“Absolutely!” Tamara said. “If your rental agent isn’t providing you with statements, you should be looking for a new one as they are in breach of legislation and have failed in their duty to you as a client.”
The Property Occupations Act requires an agent to account in writing to their client/s in respect of any monies that are collected and disbursed.
“Typically a statement showing all incoming and outgoing funds is generated at the end of each month and is issued when the agency processes their landlord payments,” Tamara said.
“Along with the statement, the client should also receive copies of any invoices for approved expenditure that have been paid out of their account for the month.”
“At the end of the financial year, the rental agency will provide an end of financial year statement to assist the client with their tax return.”
A lot of Real Estate software now has portals for landlords to login and view their statements, along with other tenancy documentation whenever they like.”