It is estimated that 90% of property owners don’t claim depreciation benefits on their investments correctly. It’s a surprising statistic when you consider the ATO provide great information.
The ATO publish a comprehensive guide that explains how to treat more than 230 residential rental income and expenses.
The Rental properties 2014 guide 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
Download your guide from the ATO website here.