Rental Properties 2020 - Australian Taxation Office

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Guide for rental property ownersRental properties2020This guide explains how to treat rental income and expenses,including how to treat more than 230 residential rental property itemsFor more informationgo to ato.gov.auNAT 1729-06.2020

OUR COMMITMENT TO YOUWe are committed to providing you with accurate,consistent and clear information to help you understandyour rights and entitlements and meet your obligations.If you follow our information in this publication and it ismisleading or turns out to be incorrect and you make amistake as a result, we must still apply the law correctly.If that means you owe us money, you must pay it but wewill not charge you a penalty. Also, if you acted reasonablyand in good faith we will not charge you interest. Ifcorrecting the mistake means we owe you money, we willpay it and pay you any interest you are entitled to.If you feel that this publication does not fully cover yourcircumstances, or you are unsure how it applies to you,you can seek further help from us.We have a Taxpayers’ Charter which will help youunderstand what you can expect from us, your rightsand obligations and what you can do if you are notsatisfied with our decisions, services or actions. Formore information, go to ato.gov.au and search for‘Taxpayers’ Charter – helping you to get things right’.We regularly revise our publications to take account ofany changes to the law, so make sure that you have thelatest information. If you are unsure, you can check formore recent information on our website at ato.gov.auor contact us.This publication was current at May 2020. AUSTRALIAN TAXATION OFFICE FOR THECOMMONWEALTH OF AUSTRALIA, 2020You are free to copy, adapt, modify, transmit and distribute this material asyou wish (but not in any way that suggests the ATO or the Commonwealthendorses you or any of your services or products).PUBLISHED BYAustralian Taxation OfficeCanberraJune 2020DE-12552

CONTENTSINTRODUCTION3No deductions for vacant land3Tax and Covid-193Tax and natural disasters3Publications and services3Is your rental property outside Australia?3RENTAL INCOME4Rental-related income4Co-ownership of rental property4RENTAL EXPENSES7Types of rental expenses7Always check your supplier’s ABN7Expenses for which you cannot claim deductions7Expenses for which you can claiman immediate deduction9Expenses deductible over a number ofincome years20Keeping records32WORKSHEET33OTHER TAX CONSIDERATIONS34Capital gains tax34General value shifting regime35Goods and services tax (GST)35Negative gearing35Pay as you go (PAYG) instalments35RESIDENTIAL RENTAL PROPERTY ASSETS36Definitions36Residential rental property items38MORE INFORMATION47Website47Publications47Phone48Other services48RENTAL PROPERTIES 2020ato.gov.au1

INTRODUCTIONRental properties 2020 will help you, as an owner of rentalproperty in Australia, determine:n which rental income is assessable for tax purposesn which expenses are allowable deductionsn which records you need to keepn what you need to know when you sell your rental property.Many, but not all, of the expenses associated with rentalproperties will be deductible. This guide explains:n how to apportion your expenses if only part of themare tax deductiblen what expenses are not deductiblen when you can claim those expenses that are deductible– some you can claim in the tax return for the incomeyear in which you spent the money– others must be claimed over a number of years(including decline in value of depreciating assetsand capital works expenses).The examples given in this publication featuringMr and Mrs Hitchman are based on the assumptionthat the Hitchmans own their rental properties as jointtenants who are not carrying on a business of lettingrental properties.TAX AND NATURAL DISASTERSWe have special arrangements for people affected bynatural disasters such as a cyclone, flood or fire occuringduring the financial year. For more information, go toato.gov.au and search for ‘Dealing with disasters’.If your tax records were lost or destroyed, we can helpyou to reconstruct them, and make reasonable estimateswhere necessary.Phone our emergency support team on 1800 806 218and we can discuss the best way we can help you.We can also:n fast track refundsn give you extra time to pay debts, without interest chargesn give you more time to meet activity statement, incometax and other lodgment obligations, without penaltiesn help you if you are experiencing serious hardship.PUBLICATIONS AND SERVICESTo find out how to get a publication referred to in thisguide and for information about our other services,see More information on page 47.When you own a rental property, you may also need toknow about:n capital gains tax (CGT)n general value shifting regimen goods and services tax (GST)n negative gearingn pay as you go (PAYG) instalments.IS YOUR RENTAL PROPERTYOUTSIDE AUSTRALIA?If your property is located outside Australia, specialrules apply to the deductibility of your rental propertyexpenses. For more information on foreign source income,see question 20 in Individual tax return instructionssupplement 2020. If you are unsure of your obligations,contact your recognised tax adviser or us.This guide explains these at pages 34–5.NO DEDUCTIONS FOR VACANT LANDYou can no longer claim tax deductions for the costof holding vacant land. These changes apply to costsincurred from 1 July 2019, even if you held the land beforethat date.For more information, go to ato.gov.au and search for‘Deductions for vacant land’.TAX AND COVID-19Your rental property income and deductions may havebeen affected by COVID-19. For more information, go toato.gov.au/supportforindividualsFor general information about ATO measures and supportduring COVID-19, go to ato.gov.au/taxtimemeasuresRENTAL PROPERTIES 2020ato.gov.au3

RENTAL INCOMERental and other rental-related income is the full amount ofrent and associated payments that you receive, or becomeentitled to, when you rent out your property, whether it ispaid to you or your agent. You must include your shareof the full amount of rent you earn in your tax return.Your rental income also includes rent or associatedpayments that you receive, or become entitled to, whenrenting out part or all of your home through the sharingeconomy or the renting of your holiday home.CO-OWNERSHIP OF RENTAL PROPERTYThe way that rental income and expenses are dividedbetween co-owners varies depending on whether theco‑owners are joint tenants, tenants in common orthere is a partnership carrying on a business of lettingrental properties.Rent and associated payments may be in the formof goods and services. You will need to work out themonetary value of these. For example, if the tenant givesyou property or goods as rent instead of money, youinclude the market value of the property or goods asrental income in your tax return.Dividing income and expensesaccording to legal interestRENTAL-RELATED INCOMEYou must include rental bond money as income if youbecome entitled to retain it, for instance, because a tenantdefaulted on the rent, or because damage to your rentalproperty required repairs or maintenance.If you received an insurance payout, there may besituations where the payout needs to be included asincome, for example, if you received an insurance paymentto compensate you for lost rent.If you received a letting or booking fee, you must includethis as part of your rental income.Associated payments include all amounts you receive,or become entitled to, as part of the normal, repetitiveand recurrent activities through which you intend togenerate profit from the use of your rental property.Co-owners who are not carrying on a business of lettingrental properties must divide the income and expensesfor the rental property in line with their legal interest in theproperty. If they own the property as:n joint tenants, they each hold an equal interest inthe propertyn tenants in common, they may hold unequal interests inthe property, for example, one may hold a 20% interestand the other an 80% interest.Rental income and expenses must be attributed to eachco-owner according to their legal interest in the property,despite any agreement between co-owners, either oral orin writing, stating otherwise.EXAMPLE 1: Joint tenantsIf you received a reimbursement or recoupment fordeductible expenditure, you may have to include anamount as income. For example, if you received:n an amount from a tenant to cover the cost of repairingdamage to some part of your rental property and you canclaim a deduction for the cost of the repairs, you need toinclude the whole amount in your incomen a government rebate for the purchase of a depreciatingasset, such as a solar hot-water system, you mayneed to include an amount in your income. For moreinformation, see Taxation Determination TD 2006/31 –Income tax: is a government rebate received by arental property owner an assessable recoupment undersubsection 20-20(3) of the Income Tax Assessment Act1997, where the owner is not carrying on a propertyrental business and receives the rebate for the purchaseof a depreciating asset (for example, an energy savingappliance) for use in the rental property.4You must include as rental income any assessableamounts relating to limited recourse debt arrangementsinvolving your rental property. For more information, see:n Limited recourse debt arrangements on page 32n Guide to depreciating assets 2020 (NAT 1996).Mr and Mrs Hitchman own an investment rentalproperty as joint tenants. In the relevant income year,Mrs Hitchman phones us and asks if she can claim 80%of the rental loss. Mrs Hitchman says she is earning 67,000 a year, and Mr Hitchman is earning 31,000.Therefore, it would be better if she claimed most of therental loss, as she would save more tax. Mrs Hitchmanthought it was fair that she claimed a bigger lossbecause most of the expenses were paid out of herwages. Under a partnership agreement drawn up by theHitchmans, Mrs Hitchman is supposed to claim 80% ofany rental loss.We told Mrs Hitchman that where two people own arental property as joint tenants, the net rental loss mustbe shared in line with their legal interest in the property.Therefore, the Hitchmans must each include half of thetotal income and expenses in their tax returns.Any agreement that the Hitchmans might draw upto divide the income and expenses in proportionsother than equal shares has no effect for income taxpurposes. Therefore, even if Mrs Hitchman paid mostof the bills associated with the rental property, shewould not be able to claim more of the rental propertydeductions than Mr Hitchman.ato.gov.auRENTAL PROPERTIES 2020

Partners carrying on a business of lettingrental propertiesEXAMPLE 2: Tenants in commonMost rental activities are a form of investment and do notamount to carrying on a business. However, where youare carrying on a business of letting rental properties inpartnership with others, you must divide the net rentalincome or loss according to the partnership agreement.You must do this whether or not the legal interests in therental properties are different to the partners’ entitlementsto profits and losses under the partnership agreement.If you do not have a partnership agreement, you shoulddivide your net rental income or loss between the partnersequally. See example 4.In example 1, if the Hitchmans owned their propertyas tenants in common in equal shares, Mrs Hitchmanwould still be able to claim only 50% of the totalproperty deductions.However, if Mrs Hitchman’s legal interest was 75% andMr Hitchman’s legal interest was 25%, Mrs Hitchmanwould have to include 75% of the income andexpenses on her tax return and Mr Hitchman wouldhave to include 25% of the income and expenses inhis tax return.Interest on money borrowed by only one of the co‑ownerswhich is exclusively used to acquire that person’s interestin the rental property does not need to be divided betweenall of the co-owners.If you don’t know whether you hold your legal interestas a joint tenant or a tenant in common, read the titledeed for the rental property. If you are unsure whetheryour activities constitute a rental property business,see Partners carrying on a business of letting rentalproperties in the next column.Co-owners of an investment property(not in business)A person who simply co-owns an investment propertyor several investment properties is usually regarded as aninvestor who is not carrying on a business of letting rentalproperties, either alone or with the other co-owners. This isbecause of the limited scope of the rental property activitiesand the limited degree to which a co-owner activelyparticipates in rental property activities.EXAMPLE 3: Co-owners who are not carrying on abusiness of letting rental propertiesThe Tobins own, as joint tenants, two units and ahouse from which they derive rental income. The Tobinsoccasionally inspect the properties and also interviewprospective tenants. Mr Tobin performs most repairsand maintenance on the properties himself, althoughhe generally relies on the tenants to let him know whatis required. The Tobins do any cleaning or maintenancethat is required when tenants move out. Arrangementshave been made with the tenants for the weekly rentto be paid into an account at their local bank. Althoughthe Tobins devote some of their time to rental incomeactivities, their main sources of income are theirrespective full-time jobs.The Tobins are not partners carrying on a business ofletting rental properties. They are only co-owners ofseveral rental properties. Therefore, as joint tenants,they must each include half of the total income andexpenses in their tax returns, that is, in line with theirlegal interest in the properties.RENTAL PROPERTIES 2020EXAMPLE 4: Co-owners who are carrying on abusiness of letting rental propertiesThe D’Souzas, own a number of rental properties, eitheras joint tenants or tenants in common. They own eighthouses and three apartment blocks (each apartmentblock comprising six residential units) making a total of26 properties.The D’Souzas actively manage all of the properties.They devote a significant amount of time, an averageof 25 hours per week each, to these activities.They undertake all financial planning and decisionmaking in relation to the properties. They interview allprospective tenants and collect all the rents. They carryout regular property inspections and attend to all ofthe everyday maintenance and repairs themselves ororganise for them to be done on their behalf. Apart fromincome Mr D’Souza earns from shares, they have noother sources of income.The D’Souzas are carrying on a business of letting rentalproperties. This is demonstrated by:n the significant size and scale of the rental propertyactivitiesn the number of hours the D’Souzas spend on theactivitiesn the D’Souzas’ extensive personal involvement in theactivities, andn the business-like manner in which the activities areplanned, organised and carried on.Mr and Mrs D’Souza have a written partnershipagreement in which they agreed to carry on a businessof letting rental properties. They have agreed that MrsD’Souza is entitled to a 75% share of the partnershipprofits or losses and Mr D’Souza is entitled to a 25%share of the partnership profits or losses.Because the D’Souzas are carrying on a business ofletting rental properties, the net profit or loss it generatesis divided between them according to their partnershipagreement (in proportions of 75% and 25%), even iftheir legal interests in the rental properties are equal,that is, they each own 50%.ato.gov.au5

For more information about dividing net rentalincome or losses between co-owners, see Taxation RulingTR 93/32 – Income tax: rental property – division of netincome or loss between co-owners.For more information about determining whethera business of letting rental properties is being carried on,determining whether it is being carried on in partnership,and the distribution of partnership profits and losses, see:n Taxation Ruling TR 97/11 – Income tax: am I carrying ona business of primary production?– Paragraph 13 of Taxation Ruling TR 97/11 lists eightindicators to determine whether a business is beingcarried on. Although this ruling refers to the businessof primary production, these indicators apply equallyto activities of a non-primary production nature.n Taxation Ruling TR 94/8 – Income tax: whether abusiness is carried on in partnership (including ‘husbandand wife’ partnerships)n Taxation Ruling IT 2423 – Withholding tax: whether rentalincome constitutes proceeds of business – permanentestablishment – deduction for interestn Taxation Ruling IT 2316 – Income tax: distribution ofpartnership profits and losses.If you are carrying on a business, you may be eligible forthe small business concessions. Go to ato.gov.au for moreinformation about small business entity concessions. CGTsmall business concessions do not apply to assets that areused mainly to derive rent.Contact us or your recognised tax adviser if you areunsure whether:n your rental property activities amount to a partnershipcarrying on a business of letting rental propertiesn you are carrying on a rental property activity as a jointtenant or a tenant in common, orn you are in both categories.6ato.gov.auRENTAL PROPERTIES 2020

RENTAL EXPENSESYou can claim a deduction for certain expenses youincur for the period your property is rented or is genuinelyavailable for rent. However, you cannot claim expensesof a capital nature or private nature (although you maybe able to claim decline in value deductions or capitalworks deductions for certain capital expenditure or includecertain capital costs in the cost base of the property forCGT purposes).TYPES OF RENTAL EXPENSESThere are three categories of rental expenses, those forwhich you:n cannot claim deductionsn can claim an immediate deduction in the income yearyou incur the expensen can claim deductions over a number of income years.Each of these categories is discussed in detail in thefollowing pages.ALWAYS CHECK YOUR SUPPLIER’S ABNFrom 1 July 2019, when you make a payment to acontractor (such as a tradesperson) for services connectedwith your rental property, check that they have anAustralian business number (ABN). If they don’t provideyou with an ABN, you may have to withhold 47% fromthat payment and pay it to us. For more information, go toato.gov.au and search for ‘withholding from suppliers’.For payments you made from 1 July 2019, if you didn’twithhold when you were required to, you may not claim therespective expenses as tax deductions.For more information, go to ato.gov.au and search for‘removing deductibility of non-compliant payments’.Expenses for which you are not able to claim deductionsinclude:n acquisition and disposal costs of the propertyn expenses not actually incurred by you, such as wateror electricity usage charges borne by your tenantsn expenses associated with periods where your property(including your holiday home) was not genuinelyavailable for rentn expenses that are not related to the rental of a property,such as:– expenses connected to your own use of a holidayhome that you rent out for part of the year, or– costs of maintaining a non-income producing propertyused as collateral for the investment loan– expenses related to holding vacant land.Other expenses for which you are not able to claimdeductions include:n travel expenses to inspect a property before you buy itn expenses incurred in relocating assets between rentalproperties prior to rentingn expenses for rental seminars about helping you finda rental property to invest in.You are not entitled to a deduction for travel expensesrelating to your residential rental property incurred from1 July 2017, unless you are:n using the property in carrying on a business (includinga business of letting rental properties), orn an excluded entity. For the meaning of ‘excluded entity’,see Definitions on page 37.Travel expenses include the costs of travel to inspect,maintain or collect rent for the property, and costs of mealsand accommodation related to such travel.EXAMPLE 5 – Withholding from suppliersSergio and Marcia own a rental property and need tohave a wall repaired.Sergio obtains a quote from Derek’s Wall Repairs, a soletrader. Derek offers to do the job for 2500 with a taxinvoice, or 1800 for cash. Sergio and Marcia opt to paycash and not receive a tax invoice. They do not ask forDerek’s ABN and Sergio does not withhold any amountfrom the 1800. He should have withheld 47% of that 1800 payment, that is, 846, and paid Derek 954.Therefore the payment of 1800 is non-compliant and,as a result, Sergio and Marcia are not entitled to claim adeduction for the repair.EXPENSES FOR WHICH YOU CANNOTCLAIM DEDUCTIONSIf your travel expenses relating to your residential rentalproperty also relate to another income producingactivity, you will need to apportion the expenses on afair and reasonable basis. For more information, seeApportionment of travel expenses on page 19.From 1 July 2017, you may not claim a deduction fora decline in value of certain second-hand depreciatingassets against your residential rental property incomeunless you are using the property in carrying on a business(including a business of letting rental properties), or youare an excluded entity. For more information, see Limiton deductions for decline in value of second-handdepreciating assets on page 22.For more information, see:n Travel and car expenses on page 19n Expenses you can claimn Rental properties – travel expensesRENTAL PROPERTIES 2020ato.gov.au7

Acquisition and disposal costsDeductions for vacant landYou cannot claim a deduction for the costs of acquiringor disposing of your rental property, such as:n purchase cost of the propertyn fees on bank guarantees in lieu of depositsn conveyancing costsn advertising expensesn fees of a buyer’s agent you engage to find you a suitablerental property to purchase, including where the agentrecommends a property manager free of charge as anoptional or supplementary servicen stamp duty on the transfer of the property (but not stampduty on a lease of property; see Lease documentexpenses on page 17).Deductions that you can claim for holding vacant land,for expenses you incurred on or after 1 July 2019, arenow limited. This applies to land you held before or from1 July 2019.However, these costs may form part of the cost base of theproperty for CGT purposes. See also Capital gains tax onpage 34.EXAMPLE 6: Acquisition costsThe Hitchmans purchased a rental property for 170,000 in July 2019. They also paid surveyor’s feesof 350 and stamp duty of 750 on the transfer of theproperty. Neither of these expenses are deductibleagainst the Hitchmans’ rental income. However, inaddition to the 170,000 purchase price, the incidentalcosts of 350 and 750 (totalling 1,100) are included inthe cost base and reduced cost base of the property.Your land is considered vacant if, at the time you incurredthe expense:n the land did not contain a substantial and permanentstructure, orn the land contained a substantial and permanent structurethat is residential premises, but the premises– could not lawfully be occupied, or– was not rented out or made available for rent.You can still deduct vacant land holding costs if:n the land is held by an ‘excluded entity’, that is a– corporate tax entity– superannuation plan (other than a self-managedsuperannuation fund)– managed investment trust– public unit trust– unit trust or partnership of which all the members arecorporate tax entities, superannuation plans, managedinvestment trust or public unit trustnThis means that when the Hitchmans dispose of theproperty, the cost base or reduced cost base for thepurposes of determining the amount of any capital gainor capital loss will be 171,100 ( 170,000 1,100).nFor more information, go to ato.gov.au and see Guideto capital gains tax 2020.nn8ato.gov.authe land is used to carry on a business by– you– your affiliate or an entity of which you are an affiliate– your spouse or child under 18 years old– an entity connected with youyou, an affiliate (as listed above), spouse or child, or anentity connected with you, are carrying on a businessof primary production and the land is leased or hired toanother entityyou make the land available at arm’s length to a businessfor use in that businessa substantial and permanent structure was on the landbut an exceptional circumstance occurred that resultedin the land becoming vacant.RENTAL PROPERTIES 2020

EXPENSES FOR WHICH YOU CAN CLAIMAN IMMEDIATE DEDUCTIONExpenses prior to property being genuinelyavailable for rentExpenses for which you may be entitled to animmediate deduction in the income year you incurthe expense include:n advertising for tenantsn bank chargesn body corporate fees and charges*n cleaningn council ratesn electricity and gas– annual power guarantee feesn gardening and lawn mowingn in-house audio and video service chargesn insurance– building– contents– public liabilityn interest on loans*n land tax*n lease document expenses*– preparation– registration– stamp dutyn legal expenses* (excluding acquisition costs andborrowing costs)n mortgage discharge expenses*n pest controln property agent’s fees and commissions (including priorto the property being available to rent)n quantity surveyor’s feesn costs incurred in relocating tenants into temporaryaccommodation if the property is unfit to occupy fora period of timen repairs and maintenance*– cost of a defective building works report in connectionto repairs and maintenance conductedn secretarial and bookkeeping feesn security patrol feesn servicing costs, for example, servicing a water heatern stationery and postagen telephone calls and rentaln tax-related expensesn travel and car expenses to the extent that theyare deductible*n water charges.You can claim expenditure such as interest on loans,local council, water and sewerage rates, land taxes andemergency services levies you incurred during renovationsto a property you intend to rent out. However, youcannot claim deductions from the time your intentionchanges, for example, if you decide to use the propertyfor private purposes.You can claim a deduction for these expenses only if youactually incur them and they are not paid by the tenant.Deductions marked with an asterisk (*) are discussed indetail on pages 14–19.RENTAL PROPERTIES 2020Apportionment of rental expensesThere may be situations where not all your expensesare deductible and you need to work out thedeductible portion. To do this you subtract anynon-deductible expenses from the total amount youhave for each category of expense; what remains is yourdeductible expense.You will need to apportion your expenses if any of thefollowing apply to you:n your property is genuinely available for rent for onlypart of the yearn your property is used for private purposes for partof the yearn only part of your property is used to earn rentn you rent your property at non-commercial ratesn your investment loan is partially used forprivate purposes.Is the property genuinely available for rent?Rental expenses are deductible to the extent that they areincurred for the purpose of producing rental income.Expenses may be deductible for periods when the propertyis not rented out, providing the property is genuinelyavailable for rent – that is:n the property is advertised in ways which give it broadexposure to potential tenants, andn having regard to all the circumstances, tenants arereasonably likely to rent it.The absence of these factors generally indicates the ownerdoes not have a genuine intention to make income fromthe property and may have other purposes – such as usingit or reserving it for private use.Factors that may indicate a property is not genuinelyavailable for rent include:n it is advertised in ways that limit its exposure to potentialtenants – for example, the property is only advertised– at your workplace– by word of mouth– outside annual holiday periods when the likelihood of itbeing rented out is very lown the location, condition of the property, or accessibility tothe property, mean that it is unlikely tenants will seek torent itato.gov.au9

you place unreasonable or stringent conditions on rentingout the property that restrict the likelihood of the propertybeing rented out such as– setting the rent above the rate of comparableproperties in the area– placing a combination of restrictions on renting outthe property – such as requiring prospective tenantsto provide references for short holiday stays as well ashaving conditions like ‘no children’ and ‘no pets’you refuse to rent out the property to interested peoplewithout adequate reasons.nnEXAMPLE 7: Unreasonable rental conditions placedon propertyJosh and Maria are retired and own a holiday homewhere they stay periodically. They advertise the propertyfor short-term holiday rental through a real estate agent.Josh and Maria have instructed the agent that they mustpersonally approve tenants before they are permitted tostay and prospective tenants must provide referencesand have no children or pets.At no time during the year do Josh and Maria agree torent out the property even though they receive a numberof inquiries.EXAMPLE 8: Private use by owners during keyperiods with little or no demand for property atother timesDaniel and Kate have two school aged children and owna holiday house near the beach. The house is located inan area that is popular with summer holiday makers butis only accessible by four-wheel drive vehicle.During the year Daniel and Kate advertise the propertyfor rent through a local real estate agent. However,Daniel and Kate advise the agent that during eachschool holiday period the property is not to be rentedout. They want to reserve the property for their own use.While there would be demand for the property duringthe summer holiday period, there is no demandoutside this period because of the small number ofholida

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