Resource for owners of rental properties, from the ATO
The Rental Properties Guide 2020 will help you, as an owner of rental property in Australia, determine
- which rental income is assessable for tax purposes
- which expenses are allowable deductions
- which records you need to keep n what you need to know when you sell your rental property.
Many, but not all, of the expenses associated with rental properties will be deductible.
This guide explains:
- how to apportion your expenses if only part of them are tax deductible
- what expenses are not deductible
- when you can claim those expenses that are deductible – some you can claim in the tax return for the income year in which you spent the money – others must be claimed over a number of years (including decline in value of depreciating assets and capital works expenses).