Rental Properties

If you own a rental property you are required to include your full share of the amount of rent earned and all rental-related income in your tax return.  Rental-related income may include items like bonds withheld and insurance payouts.

You may also be entitled to claim a deduction for expenses that are incurred while your property is being rented or genuinely available for rent.  Items that you may claim an immediate deduction for during the year the expense occurs include

·         Advertising for tenants

·         Body Corporate

·         Council Rate & Water

·         Interest on Loans

·         Repairs & Maintenance

·         Property Agent Fees

If you have lived in the rental property for a period during the financial year you are not able to claim any deductions during this period.  For more information visit the ATO.