Haven't done your tax return yet? You have one month left
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"In these circumstances, and as a working rule, income tax deductions for losses and outgoings incurred in connection with the rented property may be allowed up to the amount of rent received. Whether any additional deduction is to be allowed will depend upon the nature of any further information provided by the taxpayer."
No, only up to the amount of rent received in most cases.
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The video is worth a watch. Food for thought, how do you reduce inequality in Australia. It is picking up steam.
Think the ATO won't find out, guess again, they have a new friend.
Can you rent out your investment property to a family member at reduced amount and still claim all the deductions as you would when using the negative gearings rules? The answer may surprise you.
