Do I need to declare rental income?
When you lodge your tax return, you need to let the Australian Taxation Office (ATO) know how much rent and rental-related income you received over the financial year.
Rental-related income can include:
- Rental bond returns (e.g. if your tenant defaulted on rent or caused damage to your property)
- Insurance payouts (e.g. when you receive a payment to compensate for damage to your property)
- Letting and booking fees you received
- Any amount a tenant pays you to cover the cost of repairs
You can find out more about rental income you must declare at the ATO website.