You have just spent a relaxing time with your family in your favourite holiday destination, and you are thinking, wow this would be an ideal place to purchase a holiday home for future vacations and as an investment for retirement. To offset the expenses of running your holiday home, your plan is to have the holiday home available for rent for most of the year and use the home for your holidays for some of the year. How does the Australian Taxation Office deal with a situation like this, do they allow you to claim any deductions against the holiday home rental income? [...]
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Is this your first rental property or maybe you are adding to a portfolio of properties. What information do I need to keep in respect to Capital Gains, Rental property income and Tax Deductions. [...] What is included as income from a rental property? The obvious is of course, is the rent that is paid. The rent paid needs to be included in the year that you or your real estate agent recieved it. Bond money that is used to cover repairs, maintenance and lost rent. Tenants payments [...] |
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