1. Reconcile your rental income
Pull your property management agent's annual statement. Compare it to the bank credits in your investment account. Discrepancies usually live in two places: arrears written off mid-year, and bond claims paid out at lease end.
- Check that every rent payment is recorded
- Confirm any bond claims are recorded as income in the correct FY
- Note any rent forgone (assessable under s6-5 ITAA 1997)
2. Categorise your expenses
Property expenses fall into three buckets:
- Deductible now: repairs, agent fees, council rates, insurance, interest on the loan.
- Cost-base additions: purchase costs (stamp duty, legal, inspection), initial repairs, capital improvements.
- Depreciation: Division 40 (plant & equipment) and Division 43 (capital works), claimed over their effective life, not in the year incurred.
Qubo's maintenance classification wizard does this categorisation for you at the point you record the cost. If you're using spreadsheets, go through every expense and tag it.
3. Apportion costs correctly
The PCG 2025/D6 apportionment formula is (days_rented + days_genuinely_available) / total_days. The denominator is the full year (365 or 366), not the period the property was held.
If your property has any private use (including a single weekend owner-occupation), apportion accordingly. The holiday-home s26-50 gate denies holding costs entirely when private days exceed income days.
4. Review CGT events
If you sold a property this FY, the CGT event is dated by the contract date (the exchange), not the settlement date. The 12-month holding period for the 50% individual discount runs from contract date to contract date. For an established property sold from 1 July 2027, the 50% discount applies only to growth up to 30 June 2027; growth after that is adjusted for inflation instead.
Your CGT schedule shows each disposal with its full cost-base build-up, capital works claimed (which reduces the cost base under s110-45(2)), and the discount calculation.
5. Generate the audit pack
The audit pack is a 13-section ZIP file: tax summary, CGT schedule, depreciation schedules, rental income reconciliation, expense ledger, loan interest workings, land tax assessments, document vault index, and supporting receipts. Generate it after 30 June, review the sections, and send it to your tax agent.
6. Hand it to your tax agent
Qubo is not a tax agent. Your tax agent lodges the return. They'll review the pack, make any adjustments required for your personal circumstances (other income, other deductions, the medicare levy surcharge calculation), and lodge before the due date.
For investors with a tax agent on the platform, the workflow is direct: annotations, review queue, EOFY workflow, and lodgement-ready data transferred without re-keying.