Australian Taxation Office is known as Australia's leading information resource providing good and services tax (GST) and other proposed measures related to investment in Australian property. If a person in earning rental income from a property in Australia, then it is necessary for them to lodge an Australian income tax return.
Rental income is a total amount of money earned by a person when they rent their property. In such cases the person must include any bond related money retained in place of rent or held in reserve because of damage to the property requiring repairs. Individuals can claim rental expenses related to their rental property. This is only for the period the property was rented or available for rent.
According to Australian Taxation Office, expenses could include insurance, land tax, repairs and maintenance, body corporate fees, borrowing expenses, gardening and lawn mowing, advertising for tenants, stationery, telephone, bank charges, council rates, decline in value of depreciating assets, pest control, property agent fees or commissions, water charges, and travel undertaken to inspect the property or to collect the rent.
For further detailed information related to rental income, rental expenses, prepaid expenses, co-ownership, deductions and other such property related news, customers are requested to visit the official website of Australian Taxation Office.