Tax on Rental Income

[AOH77A]

Hi, Looking for help on paying tax on rental income. I have rented out a house since Nov 2017. Firstly do I just need to declare for Nov & Dec 2017 in this year's submission. Secondly can I submit via form 12.

 

[elcato]

Yes and yes. Assuming the rent collected minus expenses is less than 5k. Don't forget you can only claim expenses on a pro rata basis i.e. 1/6 of the annual cost.

 

[T McGibney]

Yes and yes. Assuming the rent collected minus expenses is less than 5k. Don't forget you can only claim expenses on a pro rata basis i.e. 1/6 of the annual cost.

Good point but only true in respect of annualised costs eg mortgage interest, insurance etc.

 

[AOH77A]

Thanks for the confirmation, much appreciated.