The ATO has released this years guide for Property Investors which explains how to treat income and expenses, including information regarding rental properties that may have affected by COVID-19 or natural disasters.
Rental Properties 2021 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.
The guide features advice around if your rental property income and deductions have been affected by COVID-19 or recent natural disasters.
This years guide also advised that you can no longer claim tax deductions for the cost of holding vacant land.
A copy of the Rental Properties 2021 Guide can be downloaded below.
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