Show download pdf controls
  • Rental-related income



    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    You must include rental bond money as income if you become entitled to retain it - for instance, because a tenant defaulted on the rent, or because of damage to your rental property requiring repairs or maintenance.

    If you received an insurance payout there may be situations where the payout needs to be included as income - for example, if you received an insurance payment to compensate you for lost rent.

    If you received a letting or booking fee you must include this as part of your rental income.

    Associated payments include all amounts you receive, or become entitled to, as part of the normal, and repetitive and recurrent activities through which you intend to generate profit from the use of your rental property.

    If, in relation to your rental activity, you receive a reimbursement or recoupment for deductible expenditure you have incurred, you must include that amount as income - for example, if a tenant pays you an amount to cover the cost of repairing damage to some part of your rental property and you can claim a deduction for the repairs.

    You can claim a deduction for certain rental expenses you incur for the period your property is rented out or available for rent. For more information, see Rental expenses.

    You must include as rental income any assessable amounts relating to limited recourse debt arrangements involving your rental property. For more information see Limited recourse debt arrangements and also see the publication Guide to depreciating assets 2006 (NAT 1996-6.2006).

    Last modified: 26 Mar 2020QC 27741