Residential rental properties and tax

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:

 

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Thompsons Australia Newsletters and articles are distributed by professional tax practitioners to provide information of general interest to our clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.