ATO COVID-19 and residential rental property

Sourced from ATO 20th May 2020

  • COVID-19 and residential rental property

    Many residential rental property owners have had their rental income affected by COVID-19. As a result, your clients may ask you about what they can claim this tax time.

    Our website provides some frequently asked questions (FAQs) and other information to help you and your clients understand their rental property obligations and what information your clients need to give you in order to lodge correctly.

    You and your rental property owner clients can check our FAQs to find out:

    • What expenses are claimable if tenants are not paying their rent under the lease agreement due to COVID-19?
    • Will deductions for rental property expenses stay the same if the property owner reduces the rent charged?
    • Must a back payment of rent or an amount of insurance received for lost rent be included as income?
    • Is a deduction on the interest charged on a rental property loan allowed if the bank defers repayments due to the COVID-19 outbreak?
    • Is the new instant asset write-off deduction available for residential rental property assets?
    • Impacts on short term rental properties.

    See also:

    The above information has been sourced directly from the ATO.