How to read your monthly statement
Every month around the end of the first week, you (the owner) will receive a monthly statement (if your home has had income and/or expenses) via Email and the Home Hero Owner Portal. If you have not had any income or expenses in the month, you will not receive a statement.
To access your statements, simply go to Statement History and click on the download icon.
The structure of the monthly Statement / Tax Invoice is:
INCOME
Brought Forward [A]:
This will be the first line item under INCOME and is the amount withholding from the previous month's payout (usually $500). You will see this at the top of every Monthly Statement. If you have any questions, please read further on our article Monthly float for all homes
Guest bookings [B]:
This is the list of all the bookings by check out date at your property in each month, including all paid and unpaid bookings. Please note that if a booking checks in towards the end of a month and checks out after the beginning of the following month (e.g. 29/5 to 2/6), this booking falls into the Monthly Statement for June.
Any bookings where the guest hires optional linen, this linen income will be presented on the line under the relevant booking:
Legend:
Res: Booking ID number
Arrive/Depart: Check in and check out date
Area: Your property name
Amount: Gross rental = [1]
MngFee (Management fee): PIHH management fee of each booking (on gross rental plus linen hire if any). Depending on when you joined our Group, this will be 15.4% or 17.6% (including GST) = [2]
Nett ($): Rental after Management fee = [1] – [2]
Other Credit [C]:
You may not see any value on your Monthly Statement that falls into the “Other Credit” category, but if you do, it could be related to:
A cancelled booking, disbursed to owner; or
A payment you made to us to cover any amount outstanding from the previous month, or to pay certain invoice(s) when your home doesn’t have enough funds; or
Guest has paid a sum of money to compensate you for a claim.
Example 1:
Example 2:
Example 3:
TOTAL INCOME:
The figure shown in bold underneath the line at the bottom of your income (entitled Subtotal) is:
Subtotal = Brought Forward [A] + Guest bookings gross rental [B] + Other credit [C]
EXPENSES
This section of your Monthly Statement presents all the expenses incurred during that month related to your property. For more clarification of the expected expenses related to Short Term Rental, please read our Owners Knowledge Base article on Expected Running Costs.
Example Expenses on an Owners Statement:
Legend:
First column: Supplier’s code/service
Second column: Services provided. In this example:
Pool and Spa care: related to a booking that checked in on 24/05
Excess Rubbish collection: (following a booking that checked out on/shortly before 28/05). Please refer to the Owners Knowledge Base article on Rubbish for more information.
Clean: four cleans were done in this month on 5/05, 12/05, 19/05 and 26/05 (following bookings that checked out on/shortly before each date). Sometimes there can be additional mid-stay cleans for a long stay.
Laundry: Washing the linen rented by the guest, in this case, for guests checked out on/shortly before 18/05 and 26/05. This cost should match with bookings where the guest paid for optional linen, and there is a corresponding income for that.
Wash doona cover/ mattress protectors: sometimes during the month, the cleaner washes some doona covers and/or mattress protectors if needed. Please refer to Owners Knowledge Base article on Linen for more information.
Consumables: bought by the cleaner when needed. Please refer to the Owners Knowledge Base article on Consumables for more information.
Third column: GST charged by the supplier (if any)
Fourth column “Debit”: Total service fee
Fifth column: “Credit” payment to the owner (if any)
TOTALS
This area on your Monthly Statement shows the summary of the total debits and credits for your property for the month.
Example totals on an Owners Statement:
Legend:
Brought forward expense: Outstanding from previous months (if any)
Gross amount: Subtotal Income [A+B+C] = [D]
Income expenses: Management fee [2]
Expenses: All other (non-Management) expenses related to bookings and the property [3]
Paid to owner on [last day of previous month]: Net income = [D] – [2] – [3] – [4].
NOTE: this is NOT paid on the “Paid to Owner” date, but rather by the end of the first week of the following month (i.e. the same day that we send out the Owner’s Statement)
Outstanding: The amount that the owners owe at the end of the month (if the total expenses are higher than the total income)
Net amount owing to owner: The amount that PIHH owes the Owner at the end of the month (if any)
Payment withheld [4]: Amount withheld (this will equal the Monthly float amount or less if your home doesn’t have guest booking income, but you have expenses in that month)
Carried forward credit: This is not generally in use
Total GST on this invoice: Including GST of the Management Fee and other expenses (if any)
Monthly Statements as Invoices
The Monthly Statements that we generate have been accepted by the ATO as “invoices” for the purposes of doing your taxes. We will scan and attach as many of the supplier invoices to your Monthly Statements as we can. If we haven’t provided you with a scanned invoice, it is because we cannot – generally this is because some suppliers send invoices showing work at multiple properties, and for privacy reasons we cannot provide them to any individual owner.
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