Holiday rentals under the microscope
They advise that, to avoid making mistakes on their tax return, property owners should:
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keep accurate records to ensure they declare the right amount of rental income and have evidence for claims made; and
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only claim deductions for the periods the property is rented out, or is genuinely available for rent.
If a property is rented at below market rates, for example to family or friends, claims for deductions must be limited to the income earned while rented.
For more information or to discuss, please contact us on 02 9318 6400.