Rental Property Accounting
Helping you manage your rental
property accounting and financials.
An easier way to manage rental property accounting.
SBA are the specialists in rental property accounting and we make it easier for you to manage your rental property financials and maximise your rental property returns.
Working with SBA is easy. We will provide you with an end of year Rental Property Financial Report with a breakdown of each property, including a profit and loss report and a balance sheet. SBA will then prepare and submit your tax return to Inland Revenue. SBA will deal directly with Inland Revenue on your behalf, plus you can contact us at any time to ask questions about your rental property accounts.
We have over 80 branches nationwide so get in touch with your local SBA Branch today and choose the rental property accounting service that’s right for your property investment.
Rental Property Accounting Services
- Expenses & income management via Xero
- Setting up rental property structures
- Preparation of End-of-year rental property financials
- Rental property tax returns
- Rental property tax advice
- Free phone and email support
FAQs
What accounting do I need to do for my rental property?
To keep compliant with the IRD you will need to keep a record of income and expenses for each rental property together with any invoices. Your accountant will then take that information and prepare a set of accounts which will produce an IR3 which they will lodge with the IRD.
Can I do my own rental property accounting?
Most people will be able to do their own day to day bookwork for their rentals including managing rental income and expenses using a simple spreadsheet or online accounting software like Xero. However you will need an accountant at the end of each financial year to prepare and file a set of accounts for your rental investments to keep you compliant with the IRD.
What can expenses can I claim for my rental property?
When you own a rental property there are some expenses you can claim that will reduce the tax you pay.
For example you can claim on rates and insurance or general repairs and maintenance, legal fees or rental agents fees if related to the property.
However there are many you can’t claim including the purchase price of the property or additions / renovations that are considered improvements.
Find out more about what you can and not claim for your rental property here: Learn more.
How can an accountant help with my rental property?
An accountant can make managing your rental property much easier by keeping your income and expenses accurate, compliant, and tax efficient. We make sure you’re claiming all allowable deductions – like rates, insurance, repairs, and accounting fees and staying on top of IRD rules for things like interest limitation and healthy homes compliance.
With SBA Small Business Accounting, you’ll get full support for everything from preparing your rental statements to filing your tax returns and advising on the best structure for your property investments. We’ll help you maximise your deductions, stay compliant, and save time at year-end.
What can I claim for my rental property?
You can usually claim expenses like rates, insurance, property management fees, repairs, accounting costs, and loan interest. SBA makes sure you’re claiming what’s allowed and helps you stay on top of any IRD changes.
You can find out more here: Claimable rental expenses.
How does tax work on rental income and losses?
Tax is calculated on your net rental income, which is the rent you receive minus your allowable expenses, such as interest, rates, insurance, and maintenance.
If your rental property makes a profit, you’ll pay tax on that income. If it makes a loss, the ability to offset that loss against other income depends on current tax rules, including rental loss ring-fencing.
It’s important to correctly identify and claim all eligible deductions, as this directly affects your overall tax position.
At SBA Small Business Accounting, we calculate your rental income and expenses and prepare your tax return, ensuring everything is reported correctly.
For more detail, see our guide: Understanding investment tax deductions.
What records do I need to keep for rental property tax?
Keep records for rent received, rates, insurance, maintenance, loan interest, and any property management fees. SBA can help you set up simple systems, so it’s easy to keep track.
What accounting do I need to do for my rental property?
You need to keep accurate records of all rental income and expenses for each property, including invoices and receipts. This information is used to prepare your annual financial statements and calculate your tax position.
Your accountant will then use this information to prepare and file your tax return (IR3) with the IRD, ensuring everything is reported correctly and you remain compliant.
Can I do my own rental property accounting?
You can manage your own day-to-day rental property records, such as tracking income and expenses, using a spreadsheet or accounting software.
However, you still need to ensure everything is accurate and complete, and prepare the information required for your annual tax return. This includes reporting your rental income and expenses correctly to the IRD.
Many property investors choose to work with an accountant to prepare and file their tax return (IR3), ensuring everything is compliant and all eligible expenses are claimed.
At SBA Small Business Accounting, we can manage this for you and make sure your rental property accounting is handled correctly from start to finish.
Have more questions? Visit our full Small Business Accounting FAQ page.
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