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  • Rental income you must declare

    You must include all rent and rent-related income you receive in your tax return – whether paid to you or your agent.

    Rent and rent-related income is any payment – cash or otherwise – that you get when you rent out your property. This includes goods and services, which means you need to work out their monetary value to include in your tax return.

    Other examples of rent-related income include:

    • bond money you become entitled to keep
    • letting and booking fees
    • insurance payouts, in some circumstances
    • reimbursement or recoupment for deductible expenses – for example
      • payment from a tenant to cover the cost of repairing property damage
      • government rebates for purchasing of a depreciating asset
    • lump sum payments of rental income
    • any assessable amounts relating to limited recourse debt arrangements involving your rental property.

    Generally, goods and services tax (GST) doesn't apply to rental payments you receive. You also can't claim credits for the GST included in any costs relating to the rental, such as agent's commission or repairs and maintenance on the premises. This is true whether you're registered for GST or not.

    Watch: How to include rental income and expenses in myTax

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    Last modified: 24 Jun 2020QC 23632