Property Glossary

42-day notice (New Zealand)

A written notice under the New Zealand Residential Tenancies Act 1986 by which a landlord can end a periodic tenancy on one of the short-notice statutory grounds, giving the tenant at least 42 days to vacate.

90-day notice (New Zealand)

A written notice under the New Zealand Residential Tenancies Act 1986 by which a landlord can end a periodic tenancy on one of the specified statutory grounds, giving the tenant at least 90 days to vacate.

Bond lodgement (New Zealand)

The process of paying a residential tenancy bond to Tenancy Services within 23 working days of receiving it from the tenant, as required by the Residential Tenancies Act 1986.

Bright-line test

New Zealand tax rule that treats profit from selling residential property within a set holding period as taxable income. The period is 2 years for properties acquired on or after 1 July 2024.

Chattel list

An itemised schedule of moveable items and appliances included with a residential rental property, attached to a New Zealand tenancy agreement to record what the landlord is providing at the start of the tenancy.

Fixed-term tenancy (New Zealand)

A New Zealand residential tenancy granted for a specific period with a defined start and end date, governed by the Residential Tenancies Act 1986.

Healthy Homes Standards

New Zealand minimum standards for heating, insulation, ventilation, moisture ingress and drainage, and draught stopping in residential rental properties, enforced under the Residential Tenancies Act 1986.

Inland Revenue Department

The Inland Revenue Department (Inland Revenue, or IRD) is New Zealand's tax administration agency. It administers income tax, the goods and services tax, the bright-line property rule, residential rental deductions, interest deductibility, and the residential rental ring-fencing rules for New Zealand property owners.

Interest deductibility (New Zealand residential rentals)

New Zealand tax rules governing whether interest on loans for residential rental property is deductible against rental income. Restrictions introduced in 2021 have since been progressively reversed.

Main home exclusion

A New Zealand exemption that prevents profits on the sale of a person's main home from being taxed under the bright-line test, subject to use and timing conditions.

Meth contamination (New Zealand)

Residue from the use or manufacture of methamphetamine in a New Zealand residential rental property. Standards for testing and remediation are set out in NZS 8510 and landlords have disclosure obligations under the Residential Tenancies Act 1986.

Periodic tenancy (New Zealand)

A New Zealand residential tenancy that continues indefinitely until either party ends it with the notice period required by the Residential Tenancies Act 1986.

Rent increase (New Zealand)

An increase in the rent charged under a New Zealand residential tenancy. Under the Residential Tenancies Act 1986, rent can only be increased once every 12 months and requires at least 60 days' written notice to the tenant.

Rental loss ring-fencing

New Zealand rule that prevents residential rental losses from being offset against other income such as salary or wages. Losses are quarantined and carried forward to offset future rental profits.

Residential land withholding tax (RLWT)

New Zealand tax deducted from some residential property sales, paid by offshore RLWT persons who sell residential land where the bright-line test applies. The conveyancer or lawyer generally deducts it at settlement unless a valid certificate of exemption is held.

Residential Tenancies Act 1986

The principal New Zealand statute governing residential tenancies. It sets out the rights and obligations of landlords and tenants, bond rules, notice periods, and the jurisdiction of the Tenancy Tribunal.

Residential Tenancies Amendment Act 2024

The Residential Tenancies Amendment Act 2024 is New Zealand legislation that amends the Residential Tenancies Act 1986. It reintroduces 90-day no-cause termination notices for periodic tenancies, shortens several notice periods, and enables landlords to charge a pet bond, with most changes taking effect across 2025.

Retaliatory notice (New Zealand)

A termination notice given by a New Zealand landlord principally to retaliate against a tenant for exercising a right under the Residential Tenancies Act 1986. Retaliatory notices are prohibited and can be set aside by the Tenancy Tribunal.

Routine inspection

A periodic inspection of a tenanted property by the landlord or property manager to check its condition, for which the Residential Tenancies Act 1986 requires written notice of not less than 48 hours and not more than 14 days.

Tenancy Tribunal

The New Zealand dispute-resolution body with jurisdiction over residential tenancy matters under the Residential Tenancies Act 1986. It hears claims about bond, rent, repairs, notices, and breaches by either party.

Trust account

The regulated bank account a licensed real estate agency uses to hold client money — rent, bonds in transit, and owner funds — kept separate from the agency's own money and subject to annual audit.

Access Canberra (Australian Capital Territory)

Australian Capital Territory

Access Canberra is the Australian Capital Territory government's regulatory service delivery agency for residential tenancies. It administers the Residential Tenancies Act 1997 (Australian Capital Territory) and runs the Office of Rental Bonds that holds Australian Capital Territory bonds in trust.

AUSTRAC

AUSTRAC is the Australian Transaction Reports and Analysis Centre, Australia's anti-money laundering and counter-terrorism financing regulator and financial intelligence unit. From 1 July 2026 it regulates real estate professionals as reporting entities under the Tranche 2 reforms.

Australian Taxation Office

The Australian Taxation Office is Australia's federal revenue agency. It administers income tax, capital gains tax, the goods and services tax, and rental-property deductions, and runs data-matching programs that cross-check landlord rental income against third-party data.

Capital gains tax discount (Australia)

A 50% reduction in the assessable capital gain on a CGT asset held by an Australian resident individual or trust for at least 12 months before the CGT event.

Consumer Affairs Northern Territory

Northern Territory

Consumer Affairs Northern Territory is the Northern Territory government agency responsible for residential tenancy regulation. It administers the Residential Tenancies Act 1999 (Northern Territory), holds Northern Territory bonds in trust, and publishes the prescribed forms landlords and tenants must use.

Consumer Affairs Victoria

Victoria

Consumer Affairs Victoria is the state government agency responsible for residential tenancy regulation in Victoria. It administers the Residential Tenancies Act 1997 (Victoria), publishes mandatory rental forms, and oversees the Residential Tenancies Bond Authority that holds Victorian bonds in trust.

Consumer and Business Services (South Australia)

South Australia

Consumer and Business Services is the South Australian government agency responsible for residential tenancy regulation. It administers the Residential Tenancies Act 1995 (South Australia) and holds bonds in trust through Residential Bonds Online.

Consumer Protection (Western Australia)

Western Australia

Consumer Protection, within the Western Australian Department of Energy, Mines, Industry Regulation and Safety, regulates residential tenancies. It administers the Residential Tenancies Act 1987 (Western Australia) and holds bonds in trust through the Bond Administrator.

Consumer, Building and Occupational Services (Tasmania)

Tasmania

Consumer, Building and Occupational Services is the Tasmanian government agency responsible for residential tenancy regulation. It administers the Residential Tenancy Act 1997 (Tasmania) and oversees the Rental Deposit Authority that holds Tasmanian bonds in trust.

Customer Due Diligence (CDD)

Customer due diligence is the process a reporting entity uses to identify and verify who its customers are and to assess the money-laundering risk they present. Under Australia's Tranche 2 reforms, real estate professionals must perform it from 1 July 2026.

Depreciation schedule

A report, typically prepared by a qualified quantity surveyor, that lists the deductible capital works and plant-and-equipment components of an Australian rental property so the owner can claim them on their tax return.

Division 40 plant and equipment depreciation

An Australian tax deduction for the decline in value of removable plant and equipment in an income-producing property, claimable over the effective life of each asset.

Division 43 capital works deduction

An Australian tax deduction for the construction cost of the structural elements of a building used to produce assessable income, claimable over 25 or 40 years depending on construction date and use.

Foreign Investment Review Board (FIRB) approval

An Australian federal approval required before a foreign person acquires certain interests in Australian residential real estate, administered under the Foreign Acquisitions and Takeovers Act 1975.

Foreign purchaser duty surcharge

New South Wales, Victoria, Queensland, Western Australia, South Australia, Tasmania

An additional stamp-duty surcharge that Australian states levy on foreign persons who acquire residential property, charged on top of standard transfer or land transfer duty and administered separately in each state.

Land tax (New South Wales)

New South Wales

An annual tax imposed by Revenue NSW on the unimproved value of land owned in New South Wales above a threshold, with the principal place of residence generally exempt.

Land tax (Queensland)

Queensland

An annual state tax imposed by the Queensland Revenue Office on the total taxable value of freehold land owned in Queensland above a threshold, with separate thresholds and rates for individuals, companies, trusts, and absentees.

Land tax (Victoria)

Victoria

An annual tax imposed by the State Revenue Office Victoria on the site value of land owned in Victoria above a threshold, plus a temporary COVID debt levy surcharge in effect from 2024.

Land transfer duty (Victoria)

Victoria

The Victorian state tax — commonly called stamp duty — payable to the State Revenue Office Victoria on the transfer of dutiable property, most often the purchase of real estate, calculated on the dutiable value at published rates.

Main residence exemption

An Australian capital gains tax exemption that disregards any capital gain or loss on the sale of a dwelling that has been the taxpayer's main residence for the whole ownership period.

Negative gearing

An Australian tax treatment that allows a net loss from a rental property — where deductible expenses exceed rental income — to be offset against the investor's other assessable income in the same year.

New South Wales Fair Trading

New South Wales

New South Wales Fair Trading is the state government agency responsible for residential tenancy regulation in New South Wales. It administers the Residential Tenancies Act 2010 (New South Wales), publishes mandatory tenant and landlord information, and operates Rental Bonds Online for bond lodgement and refund.

Residential Tenancies Authority (Queensland)

Queensland

The Residential Tenancies Authority is the Queensland state government statutory body that administers the Residential Tenancies and Rooming Accommodation Act 2008 (Queensland), holds Queensland rental bonds in trust, and provides a free dispute-resolution service before tribunal.

Six-year rule

An Australian CGT concession that allows a dwelling which was a taxpayer's main residence to continue to be treated as their main residence for up to six years while it is used to produce income.

SMSF property investment

The purchase of real property by a self-managed superannuation fund in Australia, subject to the sole purpose test, the in-house asset rules, and the limited recourse borrowing arrangement (LRBA) rules where borrowing is involved.

Tranche 2 (AML/CTF Reforms)

Tranche 2 is the extension of Australia's anti-money laundering and counter-terrorism financing regime to real estate professionals, lawyers, conveyancers, accountants, and dealers in precious metals and stones. For real estate, the obligations commence on 1 July 2026.

Transfer duty (New South Wales)

New South Wales

The New South Wales state tax payable on the transfer of dutiable property, most commonly the purchase of real estate, calculated on the dutiable value at rates published by Revenue NSW.

Transfer duty (Queensland)

Queensland

The Queensland state tax — commonly called stamp duty — payable to the Queensland Revenue Office on the transfer of dutiable property such as the purchase of real estate, calculated on the dutiable value at published rates.

Landlord insurance

A specialised insurance policy that covers risks specific to renting out residential property, including loss of rent, tenant-caused damage, and liability, in addition to standard building and contents cover.

Property Management Authority (PMA)

The agreement appointing a licensed agency to manage a rental property on the owner's behalf, setting the fees, the scope of authority, and the manager's obligations to the owner.

Rent roll

The portfolio of properties a real estate agency manages under Property Management Authorities — both the operational book of managements and the income-generating business asset it represents.

Rental yield

The annual rental return of an investment property expressed as a percentage of its value. Gross yield uses rent before expenses; net yield uses rent after operating costs but before tax and financing.