• ATO Media

Own a rental? – what you need to know this tax time


The Australian Taxation Office is aware that residential rental property owners may be concerned about how COVID-19, floods, or bushfires have reduced their income. This may be a result of tenants paying less or entering deferred payments plans, or travel restrictions which have affected demand for short-term rental properties. New legislation also affects the tax deductions that owners of vacant land can claim.

 

Assistant Commissioner Karen Foat explained that whatever the circumstances, the most important first step was to keep records of all expenses.