Landlord e-newsletter - June 2009

Keeping accurate rent records

Landlords are required to keep proper records of rental income. This will also help you find information easily in the future.

The Department of Building and Housing provides a rent summary spreadsheet which can be downloaded in Word, Excel or PDF formats and include columns for rent due, date due, rent paid and an accumulated balance for each due date.

Many landlords rely on bank statements alone for managing their rental income, but bank statements are not sufficient evidence for the Tenancy Tribunal. If there is a dispute about rent and you apply to the Tribunal, you will need to provide an up-to-date rent summary sheet, which details the payment dates and amounts for the duration of the tenancy.

Inland Revenue also requires record-keeping for rental properties, and this is covered in their guide to rental income. Visit the IRD website to read more or to download the guide.

Landlords are also required to keep ’proper business records’ which show all payments of rent and bond, under the Residential Tenancies Act. Your tenant has the right to ask for a copy of your rent payment schedule in writing at any time, and you have a duty to supply one.