The ATO has released guidance on tax issues for residential rental properties arising from COVID 19.
The guidance covers:
• claiming deductions if less rental income has been received while normal expenses continue to be incurred
• the proportion of expenses that can be claimed as a deduction if the property was used differently in the period it was affected by COVID-19
• claiming deductions for periods when a property is vacant
• interest deductibility on deferred loan repayments
• assessability of back-paid rent or insurance for lost income
From CAP TAX News – 06 August 2020 / Edition 30