Skip to main content

Resurgence Support Payment RSP Applications for the RSP for businesses affected by the 17 August alert level change are still open. Find out more

COVID-19 - Our offices are currently closed for customer visits so we can support the government’s COVID response. We will contact you if you have already booked an appointment with us. You can still contact us and get help.    Contact us

Second Resurgence Support Payment Applications for the 2nd Resurgence Support Payment (RSP) for the alert level increase that started on 17 August are now open Resurgence Support Payment

From the 2019-2020 income year onward, new rules apply to how excess residential rental deductions (previously known as rental losses) can be claimed for residential properties. Excess deductions will now generally be carried forward until they can be offset against residential property income.

On the Individual income tax return - IR3 you will now see fields for:

  • Residential rental income - which is for residential rental properties
  • Other rental income - which is for commercial properties where a loss can still be claimed.

We have now updated myIR so both residential rental income and other rental income are pre-selected for the 2020 return if the customer had the income source ‘rental property’ in 2019.

Customers with residential rental property income are advised to complete the return with the income source(s) that apply to them (it could be both).

If you do not have other rental income, leave the other rental income fields as nil. If you do have other rental income (property that does not fall into the ring-fencing criteria) then complete those fields as normal. For the 2021 income tax year, we will pre-select the correct rental income source types in myIR (so the system won’t default to select both types).

Residential rental income and paying tax on it

Jump back to the top of the page