Rental Ledger Australia: Complete Guide for Landlords

A rental ledger is one of the most important documents you'll maintain as a landlord. It's your evidence for tax compliance, your protection in disputes, and your proof when claiming bond at the end of a tenancy.

Yet many landlords rely on scattered bank statements or memory—which falls apart the moment they need to prove what was paid and when.

This guide explains what a rental ledger is, why you need one, what to include, and how to maintain it properly throughout a tenancy.

Quick Summary

• A rental ledger tracks all rent payments, showing dates, amounts, and running balance
• It's a legal requirement in Australia—landlords must keep accurate rent records
• Essential for tax compliance, bond disputes, and NCAT/VCAT hearings
• Include: payment date, amount, method, period covered, and running balance
• Keep records for 5 years (ATO requirement) after lodging your tax return

What is a Rental Ledger?

A rental ledger (also called a rent ledger or tenancy ledger) is a chronological record of all rent payments made during a tenancy. It tracks:

• When payments were received
• How much was paid
• The period each payment covers
• The running balance (whether the tenant is ahead, on track, or in arrears)

Think of it as a bank statement specifically for your rental income—but with more detail about what each payment was for.

Why It's Different From Bank Statements

Bank statements show money in. A rental ledger shows:

• Which property the payment relates to (if you have multiple)
• What period the payment covers
• Whether the tenant is current or in arrears
• Payment patterns over time

When a tenant pays $1,400 into your account, your bank statement just shows "$1,400 received." Your rental ledger shows "Rent payment for 15 Jan – 28 Jan, tenant now 3 days ahead."

Why You Need a Rental Ledger

1. Legal Requirement

Australian tenancy laws require landlords to maintain accurate rent records.

NSW: Landlords must keep rental payment records and provide receipts on request. Records must be kept for at least 12 months after the tenancy ends.

Victoria: Landlords must keep accurate records of rent payments received and provide receipts within 5 business days if requested.

Queensland: The RTA requires landlords to maintain rent records and issue receipts for cash payments.

All states: Tenants have a right to access their payment history.

2. Tax Compliance

The ATO requires records of all rental income for 5 years from when you lodge your return. A rental ledger provides:

• Clear proof of income received
• Easy reconciliation with bank statements
• Support for your tax return figures
• Protection in an audit

Without organised records, you're guessing—and guessing gets expensive when the ATO asks questions.

3. Bond Disputes

When a tenancy ends and there's a disagreement about bond, the first question is often: "Is there any unpaid rent?"

Your rental ledger answers this definitively. At NCAT or VCAT, a clear ledger showing exactly what was paid and when carries far more weight than "I think they owed me a week."

4. Arrears Management

Catching late payments early prevents small problems becoming big ones. A proper ledger shows:

• Payment patterns (is the tenant consistently late?)
• When arrears started
• How arrears accumulated over time
• What communications were sent

This documentation is essential if you ever need to issue a termination notice or attend tribunal for non-payment.

5. End of Tenancy

At the end of a tenancy, you need to know exactly where things stand:

• Is the tenant paid up to their vacate date?
• Are they owed a credit?
• Have they paid rent in advance that needs refunding?

A rental ledger gives you the answer instantly.

What to Include in Your Rental Ledger

A compliant rental ledger should record:

Essential Fields

Recommended Additional Fields

Example Ledger

Here's what a simple rental ledger looks like in practice:

A balance of $0.00 means the tenant is current. A negative balance means arrears. A positive balance means paid ahead.

State-by-State Requirements

Each state has specific requirements for rent records.

NSW

• Must keep records for 12 months after tenancy ends
• Must provide receipts if tenant requests (cash or otherwise)
• Records should show date, amount, and period covered
• NSW Fair Trading - Rent and bond

Victoria

• Must provide receipt within 5 business days if requested
• Receipt must show amount, date, address, and period
• Landlords must keep accurate records throughout tenancy
• Consumer Affairs Victoria - Rent

Queensland

• Must issue receipt for cash payments within 3 business days
• Must make payment records available to tenant
• RTA recommends maintaining a rent ledger
• RTA Queensland - Rent

Western Australia

• Must keep records of all rent received
• Must provide receipt if requested
• Records should be kept for duration of tenancy plus reasonable period
• Commerce WA - Renting

South Australia

• Must keep accurate rent records
• Must provide receipt on request
• Records required for tribunal proceedings
• SA.GOV.AU - Renting

Tasmania

• Must provide rent receipts on request
• Records should include date, amount, and period
• Consumer Affairs Tasmania - Renting

ACT

• Must keep rental payment records
• Must provide receipts on request
• ACT Government - Renting

Northern Territory

• Must issue receipts for rent payments
• Records required for tribunal matters
• NT Consumer Affairs - Residential Tenancies

How to Maintain a Rental Ledger

Option 1: Spreadsheet

A simple spreadsheet works for one or two properties. Create columns for:

• Date
• Amount
• Period
• Running balance
• Notes

Update weekly when you check your rental account.

Pros: Free, familiar, flexible Cons: Manual entry, easy to forget, no automatic calculations, hard to share with tenants

Option 2: Accounting Software

Xero, MYOB, or QuickBooks can track rental income with categories by property.

Pros: Integrates with banking, good for tax Cons: Overkill for most landlords, not designed for tenancy-specific features

Option 3: Property Management Software

Tools like Propero are built specifically for rental ledger tracking. Payments are recorded, balances calculated automatically, and ledgers can be generated instantly.

Pros: Purpose-built, automatic calculations, shareable with tenants, compliant format Cons: Subscription cost (though minimal compared to PM fees)

Best Practices

1. Update Weekly

Don't let weeks pass between updates. Set a recurring reminder to check your rental account and update your ledger every week. Small amounts of regular effort prevent large reconciliation headaches.

2. Record the Period, Not Just the Amount

"$700 received" tells you nothing. "$700 for 15-21 Jan" tells you exactly where the tenant stands. Always record what period each payment covers.

3. Note Partial Payments and Communications

If a tenant pays $500 of a $700 weekly rent, record it clearly—and track your follow-up:

This creates an evidence trail if things escalate.

4. Reconcile with Bank Statements

Monthly, compare your ledger totals with your bank statements. They should match. If they don't, find and fix the discrepancy immediately—it's much harder to resolve three months later.

5. Back Up Your Records

Keep copies in at least two places. Cloud storage (Google Drive, Dropbox, iCloud) provides automatic backup and access from anywhere.

Using Your Rental Ledger

For Tax Time

At end of financial year:

1. Export or total your ledger for the year
2. Reconcile with bank statements
3. Provide summary to your accountant
4. Keep records for 5 years

A clear ledger makes tax preparation straightforward instead of a scramble through bank statements.

For Bond Claims

At end of tenancy, your ledger shows:

• Total rent paid vs total rent due
• Any outstanding arrears
• Whether the tenant paid up to their vacate date

This feeds directly into your bond claim. If claiming for unpaid rent, attach the ledger as evidence.

For more on bond claims, see our Guide to Bond Disputes in Australia.

For Tribunal

If you're attending NCAT, VCAT, or another tribunal, bring:

• Complete rental ledger for the tenancy
• Bank statements to corroborate
• Any communication about payments

A clear ledger demonstrates you're an organised landlord who keeps proper records—which helps your credibility generally.

Common Mistakes

1. Relying on Memory

"I'm pretty sure they paid..." isn't evidence. Write it down.

2. Not Recording the Period

Money in your account without knowing what period it covers creates confusion at tenancy end.

3. Irregular Updates

Updating monthly (or less) means you catch issues late. Weekly updates catch problems early.

4. Not Keeping Backups

A crashed computer or lost phone shouldn't mean lost records. Back up.

5. Treating Bank Statements as a Ledger

Bank statements show money movement. A ledger shows tenancy position. They're not the same thing.

Key Takeaways

1. A rental ledger is essential—for legal compliance, tax, and dispute protection
2. Update weekly—small regular effort beats large reconciliation headaches
3. Include the period—not just the amount
4. Keep records for 5 years—ATO requirement
5. Back up your records—cloud storage is your friend

Whether you use a spreadsheet, accounting software, or a purpose-built tool like Propero, the important thing is having a system and sticking to it. The landlords who win disputes and breeze through tax time are the ones with organised records.

Related Guides

• Day-to-Day Property Management — Inspections, maintenance, and rent collection
• Tax Guide for Australian Landlords — Deductions, depreciation, and record keeping
• When Things Go Wrong — Handling arrears and disputes
• Bond Disputes Australia Guide — Fair wear and tear, claims, and resolution

Sources & Further Reading

• ATO - Rental Properties Guide 2025 — Tax requirements
• NSW Fair Trading - Rent and Bond — NSW requirements
• Consumer Affairs Victoria - Rent — VIC requirements
• RTA Queensland - Rent — QLD requirements