Rental properties 2004-05

This publication can be downloaded in Portable Document Format (PDF): download Rental properties 2004-05 here (323kB).

Introduction

Rental properties 2005 will help owners of rental properties in Australia determine:

• what expenses are allowable deductions
• what records you need to keep, and
• what you need to know when you sell your rental property.

Many of the expenses associated with your rental property will be deductible. We explain:

• how to apportion your expenses if only part of them are tax deductible
• what expenses are not deductible
• when you can claim those expenses that are deductible - some you can claim in the year they are incurred, others must be claimed over a number of years, including decline in value of depreciating assets and capital works deductions.

When you own a rental property, you may also need to know about capital gains and goods and services taxes, negative gearing, pay as you go instalments and the effects of the General value shifting regime - in brief. This guide explains these concepts.