Do I need to pay tax on rental income?
Asked a year ago
Yes, you generally need to pay tax on rental income in Australia. Rental income is considered as assessable income and needs to be included in your tax return. This applies to any income received from renting out a property, such as houses, apartments, or commercial buildings. However, you can claim deductions for expenses incurred in earning rental income, such as insurance, maintenance costs, council rates, and property management fees. Additionally, if you have made costs to improve or repair the property, you may be eligible for capital works deductions or depreciation. It is essential to keep accurate records of rental income and expenses to ensure compliance with tax obligations. For detailed information and specific circumstances, seek advice from the Australian Tax Office or a qualified tax professional.
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