The ATO has released this years guide for Property Investors which explains how to treat income and expenses, including how to treat more than 230 rental property items.

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Rental Properties 2020 will help owners of residential properties to determine such things as which rental is assessable for tax purposes, which expenses are allowable deductions, what records you need to keep and if you are considering selling, what you need to know.

The guide also explains how to apportion your expenses if only part of them are available, such as if you have a holiday home which is used by you part of the time and rented part of the time.

A new addition this year is advice around if your rental property income and deductions have been affected by COVID-19 or recent natural disasters.

A copy of the Rental Properties 2020 Guide can be accessed here or download below.

File size: 2 MB  |  File format: pdf