Short term rental
Question from Scott updated on 30th March 2012:
Our expert Mark Withers responded:
You are required to declare the gross rental income and may deduct the costs associated with earning it from the period it was actually rented. This will include interest on the mortgage, rates, insurance, property management fees and other property related costs. If the net result is a profit some tax may be payable. If the costs exceed the income a loss can be deducted that may result in a tax refund.
Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.