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Generally, any income that you receive from renting out property will be liable for income tax, so you must include it in your tax return. This income could be from renting out land or buildings, or it could be income you earn by having private boarders or flatmates living with you.
If you receive rent in advance, it is taxable in the year in which you receive it. For example, if your tenant paid rent on 30 March 2006 which covers the following two weeks, you must still return this income in the income year 1 April 2005 to 31 March 2006 (if you have a standard 31 March balance date).
Amounts received for tenancy bond and passed on to the Tenancy Bond Centre are not income. Amounts received from the Tenancy Bond Centre for payment of damages, rent arrears etc, should be included as income.
The following expenses can be deducted from your rental income:
For more information on expenses you can claim and expenses you can't claim, read our Rental income (IR264) booklet.