Rental properties guide 2024 - NAT 1729-06.2024 - ATO rental income and expense guidance

Sep 19, 2026

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Rental properties guide 2024 explains how to account for rental income and rental expenses for residential rental property items, including treatment of more than 230 categories. Guidance covers owning and renting, key tax and disaster considerations, granny flat arrangements, and determining whether the rental property is outside Australia. The publication also details rental income components, common deductible and non-deductible expenses, record-keeping, capital gains tax, GST, negative gearing, PAYG instalments, and related residential rental property assets.

LanguageEnglish

CategoryForms

FormatPDF

Pages52

Reading Time18 min

AccessFree to download

General guidance for rental property owners

Owning and renting a property

Tax and natural disasters

Granny flat arrangements and capital gains tax

Is your rental property outside Australia?

What’s new in the rental properties guide?

Effective life determinations

Rental income

Rental and rental-related income

Co-ownership of rental property

Rental expenses

Types of rental expenses

Always check your supplier’s ABN

Expenses for which you cannot claim deductions

Travel expenses

Certain second-hand depreciating assets

Expenses for which you can claim an immediate deduction

Expenses deductible over several income years

Keeping rental property records

Worksheet – work out your net rental income or loss

Other tax considerations

Capital gains tax (CGT)

General value shifting regime

Goods and services tax (GST)

Negative gearing

Pay as you go (PAYG) instalments

Rental properties guide 2024 This guide explains how to treat rental income and expenses, including how to treat more than 230 residential rental property items For more information [go to](go to ato.gov.au)[ ato.gov.au](go to ato.gov.au) NAT 1729-06.2024 Our commitment to you We are committed to providing you with reliable, accessible and useful information to help you understand your rights and entitlements and your obligations. If you follow our information in this publication and it is misleading or turns out to be incorrect and you make a mistake as a result, we must still apply the law correctly. If that means you owe us money, you must pay it but we will not charge you a penalty. Also, if you acted reasonably and in good faith we will not charge you interest. If correcting the mistake means we owe you money, we will pay it and pay you any interest you are entitled to. For more information, go to [ato.gov.au/howyouareprotected](ato.gov.au/howyouareprotected)[ ](ato.gov.au/howyouareprotected)If you feel that this publication does not fully cover your circumstances, or you are unsure how it applies to you, you can seek further help from us. Our Charter outlines the commitments we make to you and everyone we work with, our expectations of you and steps you can take if you are not satisfied. For more information, go to [ato.gov.au/ourcharter](ato.gov.au/ourcharter) We regularly revise our publications to take account of any changes to the law, so make sure that you have the latest information. If you are unsure, you can check for more recent information on our website at [ato.gov.au](ato.gov.au) or contact us. This publication was current at May 2024. © Australian Taxation Office for the Commonwealth of Australia, 2024 You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products) . Published by Australian Taxation Office Canberra June 2024 DE-60170 Contents General guidance for rental property owners ......................................................... 2 Owning and renting a property ................................................................................... 2 Tax and natural disasters ....................................................................................... 2 Granny flat arrangements and capital gains tax ..................................................................... 2 Is your rental property outside Australia? .......................................................................... 2 What’s new in the rental properties guide? ........................................................... 2 Effective life determinations ..................................................................................... 2 Rental income ..................................................................................... 3 Rental and rental-related income ................................................................................. 3 Co-ownership of rental property ................................................................................. 3 Rental expenses................................................................................... 6 Types of rental expenses ....................................................................................... 6 Always check your supplier’s ABN ................................................................................ 6 Expenses for which you cannot claim deductions ................................................................... 6 Travel expenses ............................................................................................... 6 Certain second-hand depreciating assets ......................................................................... 6 Expenses for which you can claim an immediate deduction....................................

FAQs

How does the guide describe treatment of rental income and expenses?

It explains how to account for rental income and rental expenses, including how different residential rental property items are treated for tax purposes.

What topics related to ownership and rental are covered?

The guide covers owning and renting, tax and natural disasters, granny flat arrangements and capital gains tax, and how to determine if the rental property is outside Australia.

Where can readers find guidance on deductions and records?

It provides sections on rental expenses, including deductible and non-deductible items, and instructions for keeping rental property records, including a worksheet to work out net rental income or loss.

Sep 19, 2026

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