The updated guide released by the ATO will assist property investors in completing their end of year tax returns.
The 2012 Rental Properties Guide clarifies how to treat rental income and expenses.
The guide explains how to treat more than 200 residential property items, some of the things that the guide will help you to determine include:
- What amount of rental income is assessable for tax purposes
- Any expenses which are allowable deductions
- Which records you need to keep
- What you need to know when selling your rental property
- What expenses are not deductable
Information about CGT and GST, negative gearing, PAYG instalments and the effects of the general value shifting regime is also included.
Download Property Investor Guide here http://www.ato.gov.au/content/downloads/ind00313554n17290612.pdfShare