Rental property video series

The Australian Taxation Office (ATO) have created some helpful videos to assist you in understanding what your record-keeping obligations are if you own or are investing in a rental property.

The videos include the following:

• An introduction to rental property and tax including:
  • Tax tips on owning a rental property
  • Record keeping
  • What amounts to declare as income
  • What expenses to claim as a deduction
• Claiming depreciating assets
• Claiming interest expenses
• Co-owners of a rental property
• Getting repairs and capital works right
• When can you claim a deduction for rental expenses
• Selling your rental property
• Selling a rental property that was your home
• How to include rental income and expenses in myTax
• How to complete myTax when you’ve sold a rental property

For more information, refer to the ATO website or contact or office on (03)9848 5933.

Source: www.ato.gov.au