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Item 21 - Income from rental properties

Click this link for the information on Item 21 - Rent on the ATO website.

Complete the Rental schedule if the taxpayer owned an Australian property and earned rental income or held the property available for rent for all or part of the financial year.

Rental income and deductions amounts integrate to the labels at item 21 from the Rental Schedule (ren) which is lodged as the ATO Rental schedule (B). The schedule provides for private use to be deducted and for the net rental income/loss to be shared. For information on editing expenses where one owner expends more than another; on sharing rental income/loss and on applying any private use percentage, refer to Rental Schedules (B and BR).

Depreciation expenses integrate to the rental schedule as do Capital building allowance amounts and motor vehicle expenses from the mve.

Multiple Rental Schedules may be attached to the return.

Do not include rental Income from foreign owned properties. This should be included at item 20, label R instead. Use the Foreign Rental Property Worksheet (ref) available at label R, click the label or click [Alt+S].

Where the property is used partly for private purposes, expenses must be apportioned accordingly.

If the title deed shows that the taxpayer is a part owner of the property, only the taxpayer's share of the rent and expenses should be declared in the return and each co-owner must complete a rental schedule to be lodged with their income tax return.

CCH References

10-500 Rents and premiums

16-650 Landlord's or lessor’s expenses

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