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Rental income schedule

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Hi all.

 

In addition to rental income, the client has received 'surrender of lease payment'. While completing a rental schedule, should this income in the nature of lease surrender be included as rental income OR it should be reflected as 'other income' item 14 - 2020 trust tax return? 

 

Regards.

 

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Devotee Registered Tax Practitioner

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In addition to rental income, the client has received 'surrender of lease payment'.

While completing a rental schedule, should this income in the nature of lease surrender be included as rental income

OR it should be reflected as 'other income' item 14 - 2020 trust tax return? 

 

Most likely capital gain.

 

https://community.ato.gov.au/t5/Forum-Archive/Lease-surrender-money/td-p/25221

1 REPLY 1

Most helpful response

Devotee Registered Tax Practitioner

Replies 0

 

In addition to rental income, the client has received 'surrender of lease payment'.

While completing a rental schedule, should this income in the nature of lease surrender be included as rental income

OR it should be reflected as 'other income' item 14 - 2020 trust tax return? 

 

Most likely capital gain.

 

https://community.ato.gov.au/t5/Forum-Archive/Lease-surrender-money/td-p/25221