Many residential rental property owners' rental income affected by COVID-19

As a result, you may ask what can be claimed this tax time.

rentalThe ATO's website provides some frequently asked questions (FAQs) and other information to help you to understand your rental property obligations and what information you need to give to your accountants in order to lodge correctly.

Rental property owners can check the ATO's FAQs to find out:
  • What expenses are claimable if tenants are not paying their rent under the lease agreement due to COVID-19?
  • Will deductions for rental property expenses stay the same if the property owner reduces the rent charged?
  • Must a back payment of rent or an amount of insurance received for lost rent be included as income?
  • Is a deduction on the interest charged on a rental property loan allowed if the bank defers repayments due to the COVID-19 outbreak?
  • Is the new instant asset write-off deduction available for residential rental property assets?
  • Impacts on short term rental properties.
Watch our website for further COVID-19 updates or call the team at Collins Hume on 02 6686 3000.

More resources available at COVID-19 and residential rental property (2020). Available at: https://www.ato.gov.au/Tax-professionals/Newsroom/Lodgment-and-payment/COVID-19-and-residential-rental-property/