To help rental property owners understand the tax implications of rental income and expenses, the Australian Tax Office (ATO) has released its 2024 Rental Properties Guide. This comprehensive resource is designed to assist landlords in making sense of the rules surrounding taxable rental income, allowable deductions, and record-keeping requirements.
The guide helps determine which types of rental income must be declared and what property-related expenses are eligible for tax deductions. While many expenses, such as repairs and maintenance, can be deducted immediately, others, like depreciation on assets and capital works, must be claimed over several years. The guide also covers what you need to know when selling a rental property, including the potential tax liabilities that come with it.
With the ATO’s latest guide, property investors will have a clearer understanding of how to maximise their tax returns while ensuring compliance with current regulations. It’s an invaluable tool for anyone looking to streamline their financial management of rental properties.
Visit the ATO website at www.ato.gov.au/forms-and-instructions/rental-properties-2024 to download a copy.
