International students are renting part of my home (2x room) for $450 per week. Do I need a proof like rental agreement so that I could report the rental income received? What expenses can I deduct? Thanks.
Hi @AvaLillie,
You don’t need to include a copy of the lease agreement on the tax return, only the rental income.
You should keep copies of all lease agreements and tax records for 5 years.
You can apportion expenses based on the floor area solely occupied by the tenant.
You can claim deductions such as:
- property insurance
- cleaning and maintenance costs
- Council rates.
You can only claim expenses for the days in a year when the room was rented.
All replies
Hi @AvaLillie,
You don’t need to include a copy of the lease agreement on the tax return, only the rental income.
You should keep copies of all lease agreements and tax records for 5 years.
You can apportion expenses based on the floor area solely occupied by the tenant.
You can claim deductions such as:
- property insurance
- cleaning and maintenance costs
- Council rates.
You can only claim expenses for the days in a year when the room was rented.
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