October 2024

If your holiday home is rented out or available for rent, you may be eligible to claim tax deductions for expenses like cleaning, maintenance, insurance, interest on loans, and property management fees. To claim, the property must genuinely be available to rent and not solely used for personal holidays. You’ll also need to report rental income and keep detailed records of expenses. If you sell the property later, capital gains tax (CGT) may apply. Always check current ATO guidelines or speak to a qualified tax advisor for advice tailored to your situation.