Need to lodge tax return?

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RachATO · Answer

All rent and rent-related income earned for the financial year must be declared in your tax return. This includes: bond money you become entitled to keep letting and booking fees insurance payouts, in some circumstances reimbursement or recoupment for deductible expenses for example payment from a tenant to cover the cost of repairing property damage government rebates for purchasing of a income any assessable amounts relating to limited recourse debt arrangements involving your rental property. These details are declared in the supplementary tax return. I'll include a link to the 2020 Financial Year tax return instructions so you can see what this looks like. As yet, the 2021 financial year instructions are not available, but the information is likely to be the same or similar. Rental income you must declare (https://www.ato.gov.au/individuals-and-families/investments-and-assets/residential-rental-properties/rental-income-you-must-declare) Tax return for individuals (supplementary section) 2020 (https://www.ato.gov.au/forms-and-instructions/tax-return-for-individuals-2020-supplementary-section) ATO

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