The Australian Tax Office (ATO) has released their 2021 guide which explains how to treat rental income and expenses, including how to treat more than 230 residential rental property items.
Rental properties 2021 will help you, as an owner of rental property in Australia, determine:
- which rental income is assessable for tax purposes
- which expenses are allowable deductions
- which records you need to keep
- what you need to know when you sell your rental property.
There are 52 pages to review and you can download a copy below.