If you rent out property, you need to:
- keep records right from the start
- work out what expenses you can claim as deductions
- declare all rental-related income in your tax return
- consider the capital gains tax implications if you sell.
How to treat rental income and expenses. See Rental properties 2020. This is
an ATO pdf document. Topics covered, include:
- Owning a rental property
- Rental income you must declare
- Rental income from overseas property
- Rental expenses to claim
- Rental expenses you can claim now
- Rental expenses you claim over several years
- Rental expenses you can’t claim
- Rental properties and travel expenses
- Selling your rental property