Rent income from property

To add Rental Income from Properties owned by your Superannuation Fund:



 If your rental income and/or expenses are subject to GST, please follow these instructions but refer, additionally, to Property Rental Income with GST



Select the INCOME tab and click the ADD INCOME button.



Select the Account — Fund, or a Member Account if the income is from a segregated asset.


In the Select Asset field, select the property for which you wish to record a rent receipt.





  • Enter the Date of receipt
  • Enter the GROSS amount of rent received (before any deductions)
  • Type a Description of the receipt

You will see an Expense panel below the Description field. If there are no expense deductions, you can simply SAVE INCOME at this point.

Otherwise, continue as per instructions below.







There may have been deductions from the rent for agent fees, repairs and maintenance arranged by the agent, etc.


These can now be entered as deductions from the rent received at the same time as you enter the receipt, thus ensuring that the net receipt posted to the bank matches the amount deposited in your Fund account.



EXAMPLE:


A statement from your agent shows:


Gross Rent received from Tenant


$1200

Less



Agent Commission

$24


Repairs - kitchen tap

$80


Maintenance - Annual Termite Treatment

$170


Bank transaction fees

$4


Total Deductions

$278


Net Receipt deposited to bank


$922


  • Click the arrow on the Please Select... field under the Expense Category heading. A drop-down list appears.




  • Choose the expense. In our example, we have selected Agents Commission
  • Type a Description of the expense
  • Enter the Amount charged (as per your statement)



  • Click the ADD ANOTHER ITEM button to add a row for another expense.
  • Enter further expenses by selecting the Expense Classification and typing a description and amount.
  • Continue adding and filling in rows until all expenses have been entered and the Total equals the NET RECEIPT as per your agent statement and/or bank statement.
  • Click SAVE INCOME (or SAVE AND ADD ANOTHER if you have further rent receipts to enter.