• Introduction

    Attention

    Warning:

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

    End of attention
    • what rental income is assessable for tax purposes
    • what expenses are allowable deductions
    • what records you need to keep, and
    • what you need to know when you sell your rental property.

    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.

    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 occur; others must be claimed over a number of years, including decline in value of depreciating assets and capital works expenses.
    Last modified: 04 Dec 2006QC 27520