If you rent out all or part of the home, the payments you receive are assessable income. This means you must declare the income as rental income in your tax return.
You need to keep records such as:
- statements from platforms that show your income
- receipts of any expenses you want to claim deductions for.
Watch
Media: How to include rental income and expenses in myTax
https://tv.ato.gov.au/ato-tv/media?v=bd1bdiubtjsfhwExternal Link (Duration: 01:59)
Watch:
Media: How to complete myTax when you have sold a rental propertyhttps://tv.ato.gov.au/media/bi9or7odtggh5rExternal Link (Duration: 4:39)
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