If you're renting out a property then you'll have tax to pay on the rental income you earn. It might be from renting out land, buildings, a holiday home, or a room in your own home.
Things you need to know
- Rental income has to be taxed in the same year that you receive it.
- There are some expenses, related to maintaining and renting out your property, that you can claim for.
- There is no GST on residential rental property. However, if you own an investment apartment with a management or service agreement in place, there may be GST implications to consider.
- If you switch between renting out property and property dealing, you may be liable for tax when you sell.
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Date published: 05 Aug 2015