PM fees in VIC take a dive: ATO

PM fees in VIC take a dive: ATO

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Newly released data from the Australian Taxation Office shows that total property manager fees and commissions dropped by more than $100 million in some states in 2011.

According to the figures, investor expenses on property management fees in Victoria dropped almost $150 million from $502,625,831 in 2009-2010 to just $354,258,661 in 2010-2011.

South Australia also witnessed investors spending less on property managers with almost $120 million less claimed.

South Australia property management fees expenditure dropped from $207,796,922 to $89,013,776 in 2011.

Total fees in Tasmania dropped by almost 40 per cent in 2011 from $37,045,547 down to $22,389,098.

However, investors in all other states claimed expenditure on property management fees was up, either through additional investment properties or property managers increasing fees.

Queensland witnessed the biggest increase, jumping from $323,988,006 in 2010 to $536,724,444 in 2011, an increase of 65.7 per cent.

The beginning of the mining boom in Western Australia boosted property management fees and commissions from $80,503,505 to $231,498,523, an increase of over 187 per cent.

Property management expenditure in NSW increased by $33,070,123, while investors in the ACT paid $21,398,533 more to property managers in 2011 than 2010.

The Northern Territory remained fairly stable, only lifting by $2,499,034.

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