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Your PM should be making the recommendations to you not vice versa. They are closer to the market (I would assume that they would have a handle on what is required and the obligations for notification of rent reviews). If they can't handle the task, maybe they shouldn't handle your property either.

Read your state's legislation for rent reviews I assume that you are in NSW so it would be 60 days + 4 days postage. Good tenants can go bad (they might start doing meth) - so keep your LL insurance. For security of cashflow, renew your lease - you may want to consider a longer lease...