Hi ATO Community,
I’m renting my property to a related tenant for less than market value. I know that if rent is below market, you can only claim expenses up to the rent received, and you can’t claim a loss.
But in my case, the property is still making a profit — the rent I receive is more than my expenses.
Just wondering, do I need to do anything special for this situation, or do I just declare the rent and expenses as usual in my tax return?
Thanks!