The Perth Landlord's EOFY Checklist: What to Do Before 30 June 2026
June 30 is closer than it feels.
For Perth landlords, the weeks leading up to EOFY are genuinely worth focused attention — because the difference between well-prepared records and scrambled paperwork can mean thousands of dollars in legitimate deductions either captured or missed.
This checklist is general guidance only. For advice specific to your situation, please speak with a registered tax agent or accountant.
The Complete EOFY Checklist
- Rental income summary — confirm total rent received 1 July 2025 to 30 June 2026. Your PM should supply a full financial statement.
- Property management fees — obtain a full statement of PM fees for the year. These are 100% deductible.
- Advertising and leasing costs — photography, listing fees, and signage are deductible. Collect all invoices.
- Maintenance and repair invoices — repairs are deductible in the year incurred; capital improvements are claimed over time. Collect all invoices.
- Landlord insurance premium — fully deductible. Collect the receipt.
- Loan interest and bank fees — interest on an investment property loan is deductible. Get your annual loan statement.
- Council rates — annual council rates on an investment property are deductible.
- Water rates — water service charges are deductible.
- Strata levies (if applicable) — admin fund levies are generally deductible; sinking fund contributions generally are not. Check with your accountant.
- Depreciation schedule — does your property have one? If not, especially for newer properties or recent improvements, one may be worth commissioning.
- Repairs vs. capital improvements — work through any significant expenditure and confirm classification with your accountant.
- Travel expenses — travel to inspect or maintain your rental property may be deductible. Check current ATO guidelines.
- Records of capital improvements — document any capital works. These depreciate at 2.5% per year under Division 43.
What the Budget Means for Negative Gearing, A Closer Look
Given the significance of last night's announcements, it is worth spelling out what they mean in practice for Perth landlords at different stages.
If you already own an investment property
You are grandfathered. Your existing tax arrangements, including the ability to offset rental losses against your salary or other income remain in place for as long as you hold the property. Nothing changes for the 2026 financial year or beyond, until you sell.
If you purchased after 7:30pm on 12 May 2026
From 1 July 2027, rental losses on an established property can only be offset against residential rental income or capital gains from residential property, not against wages or salary. Any unused losses can be carried forward to future years. For the 2026-27 financial year (up to 30 June 2027), the existing rules still apply.
If you are investing in a new build
Eligible new builds are exempt from the restrictions. You retain full negative gearing (deductible against all income) and, when you sell, you can choose between the existing 50% CGT discount or the new indexation arrangement, whichever is more favourable.
A note on the CGT changes
The replacement of the 50% CGT discount with cost-base indexation and a 30% minimum tax applies to gains arising from 1 July 2027. For properties you already hold, gains accrued before that date will still be calculated under the existing 50% discount. This makes the transition prospective, not retrospective — but it does make the timing of any future sale worth discussing with your accountant.
Important: These are proposed changes: The Budget announcements require enabling legislation before they become law. Until legislation passes, the existing rules remain in effect. Your tax agent will be watching the progress of these measures closely.
The Repairs vs. Capital Improvements Distinction
This is where I see the most confusion and it matters a lot.
A repair restores something to its original condition: fixing a broken fence, replacing a like-for-like hot water system, patching a leaking roof. Generally deductible in the year you incur it.
A capital improvement upgrades or adds value: a new deck, a renovated kitchen, an added carport. Generally depreciated over time, not claimed immediately.
The line can be blurry. Document the nature of every significant expenditure and discuss it with your accountant rather than making assumptions.
Do You Have a Depreciation Schedule?
If you own a property built after 1985, or have made significant improvements to an older one, a depreciation schedule from a qualified quantity surveyor can unlock thousands in legitimate deductions that many landlords simply don't claim.
A depreciation schedule covers two categories:
- Division 43 — capital works (the structure of the building)
- Division 40 — plant and equipment (ovens, air conditioners, carpet, hot water systems, etc.)
The cost of commissioning the schedule is itself deductible.
How to Brief Your Accountant
The better prepared you are, the better the outcome. Bring:
- Full rental income statement for the financial year (from your PM)
- All expense receipts and invoices, organised by category
- Your current depreciation schedule or quantity surveyor's report
- Loan statements showing interest charges
- Council and water rate notices
- Insurance renewal documents
- Any correspondence relating to capital works or improvements
- A summary of your property purchase date — particularly relevant given the Budget changes to confirm your grandfathering status
The Best EOFY Preparation Happens Year-Round
Keep a dedicated folder, physical or digital for all property-related receipts. Ensure your PM sends regular financial statements. Note the nature of any maintenance work at the time it's carried out.
At PRS, we provide all owners with clear financial reporting throughout the year — so when EOFY arrives, you're not scrambling.
With the property tax landscape now shifting, having clean records and a trusted accountant is more important than ever.
Let PRS Help You Stay Organised Year-Round
A good property manager isn't just managing your tenants — they're making sure your records are clean, your income statements are accurate, and you're set up for a smooth EOFY every year. In a year of significant tax change, that partnership matters more than ever.
📞 Call Elyse: 0460 342 026
🌐 perthrentalspecialists.com.au
Disclaimer: This article is general information only and does not constitute tax, financial or legal advice. Budget announcements are proposed measures subject to legislation. Please consult a registered tax agent or accountant for advice specific to your circumstances.