News2020 ATO tax guide for rental property expenses - how investors should treat 230 residential property items
2020 ATO tax guide for rental property expenses - how investors should treat 230 residential property items
The ATO has issued a guide to explain how to treat rental income and expenses, including how to treat more than 230 residential rental property items.
Rental properties 2020 will help owners of rental property in Australia to determine:
* which rental income is assessable for tax purposes
* which expenses are allowable deductions
*which records you need to keep
* what you need to know when you sell your rental property.
The guide explains how to apportion your expenses if only part of them are tax deductible.
It advises tax payers can no longer claim tax deductions for the cost of holding vacant land.
It also advised the situation if your rental property income and deductions have been affected by COVID-19 or recent natural disasters.
