Tenancy Services Bond Lodgement: Who Qualifies and What You Get
Learn how to legally lodge tenant bond money and avoid the heavy fines that come with missing the required submission deadline.
This scheme allows residential landlords to officially lodge tenant bond money to ensure it is legally protected.
Who it's for
This scheme is for all residential landlords. If you are renting out a residential property, you must use this process to handle the bond money collected from your tenants.
What you get
The primary benefit is the legal protection of tenant bond money. By using this official lodgement process, the funds are held securely, ensuring that the money is managed according to the legal requirements for residential tenancies.
What it costs you
The main requirement is your time and strict adherence to the lodgement timeline. You must ensure the bond is lodged within 23 working days of receiving the funds from your tenant.
The catch to know
The biggest risk is missing the 23-day deadline. If you fail to lodge the bond within that specific timeframe, you may face heavy fines.
How to apply
- Receive the bond money from your tenant.
- Prepare the necessary documentation for the lodgement.
- Complete the lodgement process via the official portal within the required timeframe.