Assistant Commissioner Karen Foat said the agency recognised the COVID-19 pandemic had placed property owners and tenants in "unforeseen circumstances", but reminded taxpayers about what deductions were and were not available under the law.The ATO says that since the interest is still accumulating on the loan, it is a legitimate tax deduction for those renting out their property.
"In these circumstances, rental property owners are still able to claim interest being charged on the loan as a deduction — even if the bank defers the repayments," Ms Foat said.Ms Foat said people still needed to include rent as income at the time it was paid. "If payments by your tenants are deferred until the next financial year, you do not need to include these payments until you receive them," she said.
"While rental income may be reduced, owners will continue to incur normal expenses on their rental property and will still be able to claim these expenses in their tax return.""It is important to remember that any payouts from these types of policies are assessable income and must be included in tax returns," she said.
Assistant Commissioner Karen Foat said the agency recognised the COVID-19 pandemic had placed property owners and tenants in "unforeseen circumstances".
Source: Real Estate Daily Report (realestatedailyreport.net)
Millionaires can still avoid with impunity. This warning is for the 'poor'.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Greg Hunt warns Melbourne COVID-19 spike has potential to cause second wave'We're very concerned about the Victorian cases, whilst it's being well-managed, it can go one of two ways.' How about Ghunt leave it to Dan Andrews to manage. At least he’s competent. GregHuntMP should talk to these scientists ... knuts Wittkowski and Judy Mikovits GregHuntMP is a cancer dealer Vapingsaves lives
Source: SBSNews - 🏆 3. / 89 Read more »
Second player from Novak Djokovic's 'boneheaded' tournament tests positive to COVID-19Aussie tennis star Nick Kyrgios describes the decision to go ahead with a tournament hosted by Novak Djokovic as 'boneheaded' after Borna Coric and Grigor Dimitrov test positive for COVID-19. How many will die though, boneheads?
Source: abcnews - 🏆 5. / 83 Read more »
Concerns that COVID-19 could force thousands into 'unsafe' Work for the Dole programsAn extra 220,000 Australians could be on Work for the Dole programs by mid-2021 due to the coronavirus pandemic, according to a new report. Technically life is “unsafe”, life has a 100% fatality rate. What unsafe jobs do the do in that scheme?
Source: abcnews - 🏆 5. / 83 Read more »
Travellers from COVID-19 hotspots should be banned from NSW businesses | Sky News AustraliaVictorians from coronavirus hotspots should be banned from entering “every business” in New South Wales, according to the state’s leader.\n\nNSW Premier Gladys Berejiklian today blasted visitors from Victoria saying there were “disregarding” official health advice by crossing the borders.\n\nShe also called on business owners across the state to refuse these travellers entry and service.\n'They should not be travelling anywhere, let alone interstate,' Ms Berejiklian said. \n\n “I think it is the prerogative of every business, every organisation not to accept anyone from those hotspots at this time.\n\n“That is basic pandemic management.”\n The last person leaving Victoria, please turn out the lights. Seriously wtf is going on? We have just over 100 active cases out of a population of 6.4 million!!! So now if your municipality has 6 or so active cases it’s considered a hot spot ... these are crazier times than a couple of months ago!!!! Makes no sense ...... So if you're in NSW and see a constant stream of cars going by and not stopping...... just smile and wave, they probably holidaying Victorians. Taking in the sights from the inside of their car.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Contact tracing concerns raised by doctor with links to COVID-19 case'I was really quite surprised ... We were the close contacts of a positive household. If we do all contact tracing in that manner, we are clearly a step behind, not a step ahead.' Clearly outlines the problem. 'Contact Tracing' is being used as political PR tool not the weapon which would have made a difference And he's an oncologist - I wouldn't want to be seeing a health professional who has been in close contact with COVID19 if I was undergoing cancer treatment when I'm at my most vulnerable! How ridiculous to be told to carry on as normal! 🤦🏻♀️ they should have been tested immediately.
Source: theage - 🏆 8. / 77 Read more »
More Donald Trump staff infected with COVID-19 at campaign rallyAnother two staff members who were at US President Donald Trump&x27;s campaign rally in Tulsa, Oklahoma, on Saturday have tested positive for coronavirus. Amazing how the virus is so smart it can target people. No one infected at all in the protests. Just amazing Bahaha. Well this doesn't fit the MSM narrative.
Source: 9NewsAUS - 🏆 10. / 72 Read more »