All Topics / Help Needed! / Rental fees query

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  • Profile photo of R3R3
    Member
    @r3
    Join Date: 2008
    Post Count: 12
    February 9, 2009 - 7:07 am

    just bought my first rental property and had a query about gst as i just received my first statement.
    $290 rent
    less $5.00 statement fees
    less $24.65 (8.5%) management fees
    less $31.97 GST

    equals $228.38

    just wanted to query the GST as that is a fair chunk taken out of my rent.

    thanks

    Profile photo of LinarLinar
    Member
    @linar
    Join Date: 2004
    Post Count: 567
    February 9, 2009 - 10:40 am

    Yes that does sound excessive.  The GST should be 10% of the management fees plus statement fees, that is, $2.96.  You have been charged 10% of the management fees plus statement fees PLUS rent.  Your PM is incorrect.

    Cheers

    K

    Profile photo of elkamelkam
    Member
    @elkam
    Join Date: 2006
    Post Count: 722
    February 9, 2009 - 10:59 am
    Linar wrote:
    Yes that does sound excessive.  The GST should be 10% of the management fees plus statement fees, that is, $2.96.  You have been charged 10% of the management fees plus statement fees PLUS rent.  Your PM is incorrect.

    Cheers

    K

    Assuming it's a residential property and not a commercial one.

    Cheers
    Elka

    Profile photo of islandgirlislandgirl
    Member
    @islandgirl
    Join Date: 2006
    Post Count: 55
    February 10, 2009 - 1:07 am

    Remember next time you sign a rental agreement with your agent that you can negotiate the agents commission.  It pays to shop around and see if you can get cheaper and if your happy with your agents service then ask him to drop his commission.

Viewing 4 posts - 1 through 4 (of 4 total)

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