Find out about taxes, what you can claim and what happens when you sell your rental property…and more.
Some investors may find the returns from buying and selling rental properties are much higher than the actual rental income those properties can provide, so they switch from being investors to dealers.
There is no GST on residential rental. However, if you own an investment apartment with a management or service agreement in place there may be GST implications to consider.
The way tax is calculated for people who take in private boarders, including student home stays, changed at the start of the 2007 income year. Fewer boarding service providers are likely to have to file a tax return.
Your holiday home may be covered by the mixed-use assets rules that determine what income and expenditure is returned.
Find out about deductions you can and can't claim.
Generally, you don’t need to pay tax when you sell your rental property except for any depreciation recovered. However, each time you sell a rental property it is important to consider if you are still a residential rental investor or are now a dealer.
The tax you should pay will depend on whether you are a residential rental investor or a dealer in residential rental properties.
Date published: 26 May 2010