Transcription of Rental properties 2021 - Australian Taxation Office
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Rental properties 2021 - Australian Taxation Office
For more information go to properties2021 This guide explains how to treat Rental income and expenses, including how to treat more than 230 residential Rental property itemsGuide for Rental property ownersOUR COMMITMENT TO YOUWe are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations. If you follow our information in this publication and it is misleading or turns out to be incorrect and you make a mistake as a result, we must still apply the law correctly. If that means you owe us money, you must pay it but we will not charge you a penalty. Also, if you acted reasonably and in good faith we will not charge you interest. If correcting the mistake means we owe you money, we will pay it and pay you any interest you are entitled you feel that this publication does not fully cover your circumstances, or you are unsure how it applies to you, you can seek further help from us. We have a Taxpayers Charter which will help you understand what you can expect from us, your rights and obligations and what you can do if you are not satisfied with our decisions, services or actions.
there is a partnership carrying on a business of letting rental properties. Dividing income and expenses according to legal interest Co-owners who are not carrying on a business of letting rental properties must divide the income and expenses for the rental property in line with their legal interest in the property. If they own the property as:
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